Been watching $KC coffee futures today. It looks like it's struggling around the 10.53 high, which was pretty much yesterday's high too. Wondering if this could be the start of a double top if it can't push through here and starts to retrace. Obviously, if it breaks decisively above 10.53, that idea is out the window, and we're probably looking at a move higher.
It could be. Or it could just be consolidating before the next move. Too early to tell for certain from just two data points, in my opinion.
Ah, the eternal question: double top or just a stubborn resistance level playing hard to get? Given coffee's usual temperament, I'd lean towards it just needing more caffeine to make up its mind. Let's see if it gets a second wind or if it's truly out of beans.
That's an interesting observation on $KC. I'm still learning about these patterns, but how far would you expect it to retrace if it does form that double top? Does it usually come back to the prior low, or is there a common percentage?