Coffee had a weekly range between 15580/16760 and closed at 16600 or 84% from the low.
In the weeklies,it in fact had a candle that Z calls it a Hammer which in fact is a Hanging Man that has bearish connotations in a market with weekly stochastics in the overbought zone, but they are not in that zone yet,standing at 75/70 %. I had said that last week's candle formation was a Morning Star which in deed has proven to be that with this week's action.
Daily cycle within July 27th/Aug 02nd, apparently is going to be a high one due to the fact that it appears the market is doing a cycle inversion which definitely will be confirmed or not after next Monday's action.
It also has the looks in the weeklies to be forming a bullish flag.
The market also closed above weekly pivot of 16528 and above weekly 4 ma at 16530 and above 9 weekly ma of 156660 where in fact the market bounced from 16580.
Fundamentally the same situation persists: milds especially from Colombia still at high +50's differentials, Brazil's coffee with the same quality problems, Central America's also scarce, Robustas still moving higher and certified coffees dwindling every day, standing at 2.1 million bags, about 30% less than Dec/2009.

WEEKLY STATS FOR NEXT WEEK:

PIVOT 16313
RES1 17046
RES2 17493
SUPP1 15866
SUPP2 15133

DAILY STATS FOR NEXT mONDAY:

PIVOT 16468
RES1 16891
RES2 17183
SUPP1 16176
SUPP2 15753

Heaviest Traded area today 16270.

Hppy Tradings!!!

Nagual1