I was thinking about shorting coffee close to its resistance level yesterday — but didn’t. This is a technical trade as fundamentals seem mixed — the market was tight last year, a better Brazilian crop is forecast this year, but there isn’t a clear story. Trade is based on the wide-ranging down day suggesting market direction. Bought on a reasonable pullback. Lines on the chart, from IG Index, show approx. entry and stop positions. Longer-term chart from Tradingcharts.com.

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