Is coffee ready for a turnaround? In today’s update, I provide a brief update on the current state of the markets from a Hawkeye perspective, and I highlight a potential build in a coffee turnaround. Is the downtrend in coffee over? I’ll show you my analysis in today’s video.
From the charts
In today’s analysis, I quickly go over the major markets using the daily, weekly, and monthly charts. Using the Hawkeye Professional tools and the Zones make it easy to analyze and see where price can potentially go, based on volume. I looked at the S&P, Nasdaq, Dow, Russell, Coffee, and Bitcoin. It was very interesting to see how much media influenced hysteria has affected the markets, as the route in prices continue.
The S&P has broken support as 2319 and looks to have sights on the psych support at 2100, or even 2000. =O The Dow and Russell show very similar charts, with corresponding low side targets at 17687 (Dow) and 950 (Russell). The Nasdaq has not taken the hit as much as the other markets, and is showing support at 6680. If this breaks, then the downside target would be below 6000. =O
Finally, there were two markets we saw some possible light at the end of the tunnel. Coffee and Bitcoin.
Bitcoin has lost over 50% of it’s value in one month. =O But we see it has entered into a strong support demand zone just below 4300. It is there we saw buying pressure begin, and now the build for a potential v-shaped rebound. The upside targets would be back to 7000, 8000, or maybe even 9000.
Coffee has found support just under 100, and is showing good volume accumulation/distribution patterns. In addition, price has failed to create new lows, thus setting up a great base for a spring upwards, or upthrust. The targets for the potential reversal would be back to 120, 135, 144, or even back above 200.
The Hawkeye Perspective
Is Coffee ready for a turnaround? It very well could be, but the timing might be early… make sure Hawkeye confirms any entry by following the rules. And the best way to do that is with your very own Hawkeye Professional Package Lifetime license.