My last bearish signal for coffee was last week on 14 May 2016.Since then price of coffee dropped 4.15 by %.This week the number of new short contracts opened raised 41 % and old long contracts closed raised 538.5 % when compared with last week.Besides, in the last 3 weeks I got a Pearson correlation coefficient(PCC) = -0.99 and this means a very strong negative correlation between bearish vs bullish sentiment for this commodity and this means bearish sentiment has been raising very fast and bullish sentiment has been dropping very fast in the last 3 weeks(turning point from bullish to bearish).For what I said before I expect price of coffee to keep falling in the coming days/weeks.Check out my strategy and trackrecord2016
file on my free websites:http://futuresandoptions.wix.com/cotswingcharts and
No comments:
Post a Comment