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Coffee has been one of the best assets to own in 2014, up over 50% in two months. Could “Hot Coffee” be cooling off? Coffee could be forming a bearish wick this week near the 50% retracement level of its three year decline.
The week is far from over and we won’t know the true outcome of this weekly pattern until Friday’s close. Should this wick remain in place Friday evening, it would be signal that this hot asset could cool off for a while.