Coffee fell sharply after the price formed the combined candlestick reversal pattern made out of the Shooting Star and Doji. Their combined strength is rated by the Candle Radar at the 14.7 CandleScore points. It should be noted that Coffee previously made a similar multi-candle reversal pattern made out of the three sub-patterns:
- Shooting Star
- Torch (Torch formation has been picking reversals points pretty accurately for this trading instrument as you can see from the daily Coffee technical analysis chart below).
The reversal potential of the latest candlestick reversal pattern was increased by the clear bearish divergence on the daily RSI indicator. Next support stands at the 20-day moving average at 156.95.
Receive access to the intraday Coffee technical analysis by becoming the Premium Selected Alpha Subscriber.