Coffee has been forming a consolidation pattern over the past few weeks. I look at this sideways consolidation pattern and see two smaller reaction swings inside the larger reaction swing (identified by the high pivot on November 9 the low pivot on November 16th. The three reaction swings have formed a bullish pennant formation and that gives the market time to build energy for the new upward price swing. A break above the 211.90 could trigger a quick advance to test the recent high at 220.55.
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