Will oil prices go up?

It’s impossible to forecast oil prices with detailed precision. Many different elements affect the market, but ultimately it boils down to supply and demand. When worries about economic recession, war, and other large-scale disruptions increase, oil’s path can shift fast.

How oil prices translate to gas pump prices

Gas prices at the pump don’t only track crude oil. They also include what it takes to refine and move that fuel, the taxes layered on top, and the extra markup your local station adds to stay in business.

Since crude oil generally makes up a majority of the per-gallon cost, changes in its price have an outsized impact. When oil surges, gas prices typically rise in tandem. But when oil retreats, gas prices often lag on the way down, a trend sometimes described as “rockets and feathers.”

The role of the U.S. Strategic Petroleum Reserve

In case of emergency, the U.S. has a store of crude oil known as the Strategic Petroleum Reserve. Its primary purpose is energy security in case of disaster (think sanctions, severe storm damage, even war). But it can also go a long way toward softening crippling price hikes during supply shocks.

It’s not a long-term answer and is more meant to provide temporary relief, assisting consumers and keeping critical parts of the economy running, like key industries, emergency services, public transportation, etc.

How oil and natural gas prices are linked

Both oil and natural gas are key sources of the energy we use every day. Because of this, a big change in oil prices can affect natural gas. For example, if oil prices increase, some industries may swap natural gas for some segments of their operations where possible, which increases demand for natural gas.

Historical performance of oil

To gauge oil’s performance, we often turn to two benchmarks:

• Brent crude oil, the main global oil benchmark.
• West Texas Intermediate (WTI), the main benchmark of North America

Between these two, Brent better represents global oil performance because it prices much of the world’s traded crude. And, it’s often the best way to track historical oil performance. In fact, even the U.S. Energy Information Administration now uses Brent as its primary reference in its Annual Energy Outlook.

Looking at the Brent benchmark across several decades, oil has been anything but steady. It’s seen spikes due to factors such as wars and supply cuts, and it’s also seen crashes from global recessions and an oversupply (called a “glut”). For example:

• The early 1970s brought the first big oil shock when the Middle East cut exports and imposed an embargo on the U.S. and others during the Yom Kippur War.
• Prices dropped in the mid-1980s for reasons such as lower demand and more non-OPEC oil producers entering the industry.
• Prices spiked again in 2008 with increased global demand, but it soon plummeted alongside the global financial crisis.
• During the 2020 COVID lockdown, oil demand collapsed like never before—bringing prices below $20 per barrel.

All to say, oil’s historical performance has been anything but smooth. Again, it’s hugely affected by wars, recessions, OPEC whims, evolving energy initiatives and policies, and much more.

Energy coverage from Fortune

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Frequently asked questions

Falling Wedge Hints at Momentum Shift

Price has been coiling in a downward sloping consolidation recently that takes the form of a bullish falling wedge. As the pattern develops, energy typically builds until a decisive breakout occurs, at which point bullish momentum often strengthens noticeably. Friday’s advance established a higher swing low, which reflects improving underlying demand and reinforcing the developing bullish reversal theme introduced earlier.

Upside Levels to Watch

There are two initial upside targets following a confirmed reclaim of the 50-day average. Initially, there is an area of confluence from $4,774 to approximately $4,805, with the top level coming from the 100-day moving average. Although a rally above the lower trend high that begins the range will signal a reversal of the short downtrend, a more significant bullish recovery would be indicated above the lower swing high of $4,891, which represents a more important resistance level within the broader bearish trend structure.

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Despite the weakness of EURJPY pair’s last trading, its negative stability at 215.80 barrier assist to confirm the previously suggested bearish corrective scenario, confirming that gathering negative momentum is important to ease the mission of reaching 184.80 initially, then attempts to press on 214.30 barrier to find an exit for resuming the decline and reaching the main stations near 183.50 and 182.70.

Note that the price rally above the previously mentioned barrier and holding above it will support the chances of forming bullish waves, to attempt to record several gains by its rally towards 186.25 and 186.65.

The expected trading range for today is between 184.30 and 185.70

Trend forecast: Bearish

Brazil Unsweetened Instant Coffee Market 2026 Analysis and Forecast to 2035

Executive Summary

Key Findings

• Brazil functions as both the world’s largest supply base for soluble coffee and a substantial consumption market for unsweetened instant coffee, with domestic offtake absorbing an estimated 30–40% of national production volume. This dual role insulates the market from supply disruptions but exposes it to opportunity costs when global prices rally.
• A structural consumer shift away from sweetened coffee has accelerated since 2022, with unsweetened varieties now accounting for roughly 55–65% of total instant coffee retail volume. The health-and-wellness trend is deepening, compressing the market share of sugar-added instant blends toward older, lower-income demographics.
• Competition is dominated by four to five integrated groups, yet private-label penetration has risen steadily, capturing an estimated 15–20% of retail volume and compressing margins in the economy spray-dried tier. This pressure is forcing branded players to differentiate via freeze-dried, organic, and certified product lines.

Market Trends

• Premiumization is creating a two-speed market: freeze-dried, single-serve stick-pack, and specialty unsweetened instant coffee are expanding at 6–10% CAGR, while economy spray-dried volume is growing at less than 2% CAGR, constrained by demographic stagnation and private-label substitution.
• E-commerce and direct-to-consumer channels are reshaping distribution dynamics, rising from an estimated 8–10% of value sales in 2024 toward a projected 15–18% by 2030. This shift reduces reliance on traditional trade margins but demands higher marketing investment.
• Sustainability and certification (Rainforest Alliance, Organic, Fair Trade) are transitioning from premium niches to baseline requirements for export-oriented producers and increasingly for domestic food-service and corporate procurement contracts.

Key Challenges

• Extreme volatility in arabica and robusta green coffee prices—swinging by 30–50% year-on-year—disrupts procurement planning, working capital, and retail pricing stability, with cost pass-through constrained by elastic demand in economy segments.
• The high capital cost of freeze-drying technology (lyophilization) limits the ability of mid-tier Brazilian manufacturers to upgrade from spray-dried capacity, constraining their participation in the higher-margin premium tier.
• Persistent inflation and income compression among lower-income households cap the volume growth of branded economy lines, as consumers trade down to private label or revert to cheaper brewing methods, compressing top-line growth for mass-market players.

Market Overview

Brazil’s unsweetened instant coffee market in 2026 occupies a distinctive position as both a dominant global supply hub and a mature, dynamic consumption market. The country processes a significant share of its robusta harvest—primarily from Espírito Santo, Rondônia, and Bahia—along with a portion of lower-grade arabica, into soluble coffee for domestic sale and international export. Unsweetened varieties have become the normative default in Brazilian retail, a shift that has accelerated as food-labeling regulations have tightened and consumer awareness of added sugar has risen.

The category encompasses everything from economy spray-dried powders sold in flexible pouches at price points accessible to C2DE households, to premium freeze-dried micro-ground products targeting the urban AB1 demographic. Unlike markets in Eastern Europe or East Asia, where instant coffee competes primarily against tea or alternative beverages, in Brazil it competes directly with a strong tradition of fresh-brewed filtered coffee. This competitive dynamic caps the frequency of instant consumption but also creates a sizable addressable market of coffee drinkers who value convenience without a radical departure from the coffee ritual.

Market Size and Growth

Between the base year of 2026 and the forecast horizon of 2035, the Brazil unsweetened instant coffee market is projected to expand at a volume CAGR in the range of 3.5–5.5%, reflecting maturation in the Southeast and South regions offset by steady penetration gains in the Northeast and North. Value growth is set to run meaningfully higher—estimated at 6.0–8.5% CAGR—as the mix rotates toward freeze-dried, certified organic, and single-serve stick-pack formats, and as cost-push inflation from green coffee and energy is partially passed through at retail.

The market does not exhibit explosive category growth; rather, it is undergoing a structural value upgrade. The volume share of economy spray-dried unsweetened coffee is expected to decline from roughly 60–65% in 2026 to an estimated 50–55% by 2035, while the premium freeze-dried and specialty sub-segments are forecast to nearly double their volume base over the same period. This growth trajectory is supported by favorable demographics in the premium tier—rising urban incomes, smaller household sizes, and a growing cohort of younger consumers who prioritize speed and quality over price.

Demand by Segment and End Use

By processing type, spray-dried unsweetened instant coffee commands the majority of retail and food-service volume in Brazil, comprising an estimated 65–75% of total category tonnage. Freeze-dried coffee represents approximately 20–30% of value but less than 10% of volume, highlighting its premium positioning and higher per-unit price. Organic and decaffeinated sub-segments remain small—each representing under 5% of volume—but organic instant coffee is the fastest-growing tier, expanding at double-digit rates from a low base, driven by export pull and a small but vocal domestic health-conscious cohort.

By end-use sector, at-home consumption accounts for roughly 70–80% of unsweetened instant coffee sales volume. The HORECA sector contributes the balance, where unsweetened instant is used primarily in self-service breakfast setups, corporate canteens, and as a base for iced coffee beverages. Industrial demand, although representing less than an estimated 5% of total volume, provides a stable B2B offtake channel for unsweetened soluble coffee used as an ingredient in ice cream, baked goods, ready-to-drink coffee beverages, and confectionary.

Regional demand patterns within Brazil are distinct: the Southeast and South exhibit higher penetration of premium freeze-dried and organic products, while the Northeast and North are heavily oriented toward economy spray-dried formats, offering headroom for value upgrades as distribution infrastructure improves.

Prices and Cost Drivers

The cost structure of unsweetened instant coffee in Brazil is heavily weighted toward green coffee raw material, which typically constitutes 45–55% of the factory-gate cost for spray-dried product. The arabica–robusta price spread directly influences product formulation; when robusta prices spike relative to arabica, producers blend down or raise prices, compressing volume in the economy tier.

Energy costs for thermal processing—spray-drying and freeze-drying—represent the second-largest variable cost, accounting for an estimated 15–20% of conversion costs, with natural gas and electricity prices in Brazil subject to periodic volatility linked to hydropower availability and global energy markets. Labor, packaging, and logistics constitute the remainder.

At retail, a three-tier pricing structure is well established: economy brands and private label trade at a 25–40% discount to mainstream branded spray-dried coffee, while premium freeze-dried and single-serve stick-pack products command a 100–250% premium over mainstream spray-dried. The private-label price gap has widened slightly in the 2024–2026 period, as grocery chains have aggressively promoted their own store brands. Promotional intensity is high in the mainstream tier, with in-store discounts and temporary price reductions accounting for an estimated 25–35% of retail volume in supermarkets and hypermarkets.

Suppliers, Manufacturers and Competition

The competitive landscape is concentrated among a small number of vertically integrated processors and brand owners, alongside a robust ecosystem of private-label and contract-manufacturing specialists. Nestlé, through its Nescafé brand family, holds a leadership position across both the mainstream spray-dried and premium freeze-dried tiers, supported by extensive distribution reach and a strong innovation pipeline.

JDE Peet’s, operating through the acquired Brazilian heritage brands such as Campeão, Caboclo, and União, maintains a strong national presence, particularly in the North and Northeast, where brand loyalty to traditional local labels remains high. Other significant domestic players include Cacique, Três Corações, and Marata. Cacique has invested heavily in freeze-drying capacity, positioning itself as a strong player in the premium and private-label export markets.

Marata functions predominantly as a large-scale B2B and private-label supplier, providing unsweetened instant coffee to grocery chains, food-service distributors, and international buyers. The competitive dynamic is characterized by intense price competition in the economy tier, with margins under structural pressure from private label. Differentiation is pursued primarily through packaging format innovation (e.g., stick packs, micro-ground blends), certification, and marketing investment, rather than through radical product technology changes.

Domestic Production and Supply

Brazil’s soluble coffee manufacturing base is geographically clustered in the primary coffee-growing states, with the highest concentration of processing plants located in the south of Minas Gerais, the Zona da Mata of Minas Gerais, and the highlands of Espírito Santo. Total domestic soluble coffee production capacity is estimated in the range of 85,000–115,000 metric tons annually, with plant utilization rates fluctuating between 70% and 85% depending on export demand conditions and the size of the domestic harvest.

The technology base is split: the majority of installed capacity utilizes conventional spray-drying, which is capital-efficient but produces a powder with lower aroma retention and a larger particle-size distribution. Freeze-drying capacity, while representing a smaller share of total tonnage, has expanded meaningfully over the past decade, driven by investments by Nestlé, Cacique, and a few specialized co-packers. The supply chain is deeply integrated backward; major processors own or contract directly with large robusta farms, securing raw material supply but also absorbing direct exposure to climatic and disease risks.

Domestic green coffee stock levels, while not publicly reported at a granular level, are estimated by trade sources to cover 3–5 months of processing requirements, providing some buffer against harvest shortfalls but not against sustained global price rallies.

Imports, Exports and Trade

Brazil is a net exporter of unsweetened instant coffee by a very wide margin, with exports absorbing an estimated 50–65% of national soluble coffee production volume. Key export destinations include the United States, Japan, Russia, Eastern European markets (especially Poland and Ukraine), and the United Kingdom. Brazilian soluble coffee competes primarily on a combination of scale, cost efficiency, and robusta-based body, placing it in direct competition with Vietnamese and Indonesian suppliers in the economy and mainstream tiers.

The domestic market, however, retains a significant share of higher-grade production, as local consumers are less price-sensitive than emerging-market export destinations in Eastern Europe. Imports of unsweetened instant coffee into Brazil are negligible, estimated at less than 2% of domestic consumption, and are limited to specialized Colombian or Ethiopian single-origin soluble products targeting niche gourmet and ethnic retail outlets. The trade surplus in soluble coffee is a structurally important contributor to Brazil’s agribusiness trade balance.

Tariff protection, in the form of a 10–14% import duty on soluble coffee under Mercosur’s common external tariff, reinforces the competitive moat enjoyed by domestic producers, effectively limiting import penetration to specialty products unavailable locally.

Distribution Channels and Buyers

Retail distribution of unsweetened instant coffee in Brazil is led by supermarkets and hypermarkets, which account for an estimated 60–70% of B2C sales volume. The wholesale and cash-and-carry channel serves as the primary conduit to small neighborhood retailers and the food-service sector, particularly in lower-income regions. E-commerce is the fastest-growing distribution channel, having risen from an estimated 3–5% of value sales in 2020 to 8–12% in 2026, driven by the expansion of Mercado Livre, Amazon Brazil, and subscription-based coffee services.

Food-service buyers—hotels, restaurants, cafes, and corporate caterers—represent a distinct procurement segment with low switching costs for unsweetened spray-dried coffee but higher brand loyalty in the freeze-dried segment. Corporate procurement for office coffee services is a small but stable demand pocket, favoring portion-controlled single-serve stick packs and larger institutional packages.

Private-label buyers, including major grocery chains such as Grupo Pão de Açúcar, Carrefour Brazil, and Assaí, are increasingly sophisticated, demanding consistent quality, certified sourcing, and customized packaging formats, often contracting directly with mid-tier processors such as Marata or Cacique rather than relying on third-party wholesalers.

Regulations and Standards

The regulatory environment for unsweetened instant coffee in Brazil is defined primarily by ANVISA Resolution RDC 429/2020 and the associated Normative Instruction IN 75/2020, which govern food labeling, allergen declaration, and nutritional claims. Unsweetened instant coffee must carry clear labeling stating “zero açúcares” (zero sugars) or “sem adição de açúcares” (no added sugars) if it meets the regulatory threshold, and it may not contain any added sweeteners, sugar, or carbohydrate-based bulking agents.

The legislation has significantly reduced the number of products marketed as “soluble coffee mix” that contained high levels of added sugar, effectively clearing the shelf space for pure unsweetened coffee. Certification is a growing regulatory factor in the premium segment: Rainforest Alliance and Organic certifications (the latter overseen by MAPA and INMETRO-accredited certifiers) command a retail premium of 15–30% and are increasingly demanded by food-service and corporate procurement contracts. The use of non-coffee-based anti-caking agents and artificial aromas is tightly restricted, with labeling requiring disclosure of any additives.

Import tariffs on soluble coffee, set under Mercosur’s common external tariff at approximately 10–14%, are designed to protect the domestic processing industry and effectively block low-cost imports from Vietnam or Indonesia, maintaining a favorable pricing structure for Brazilian processors.

Market Forecast to 2035

The Brazil unsweetened instant coffee market is forecast to evolve along a bifurcated growth trajectory between 2026 and 2035. The base economy tier—largely spray-dried product sold in flexible pouches—is expected to register minimal volume expansion, with a CAGR of only 1.0–2.0%, constrained by population aging, private-label margin pressure, and gradual trading up among younger consumers. In contrast, the premium freeze-dried, organic, and specialty unsweetened segments are projected to grow at a robust 6.0–10.0% CAGR, doubling their combined volume share from an estimated 12–15% of total category volume in 2026 to 25–30% by 2035.

Total category value is expected to increase at a CAGR of 6.0–8.0%, driven primarily by the mix shift toward higher-priced formats and the pass-through of green coffee and energy cost inflation. A key structural assumption underlying the forecast is that the health-and-wellness trend will deepen, accelerating the decline of sweetened instant blends and further entrenching unsweetened coffee as the default choice among younger, urban, and higher-income consumers.

Climate-related supply risks to arabica and robusta crops in Brazil and competing origins are expected to keep green coffee prices elevated in real terms relative to the 2015–2020 average, supporting higher retail pricing but also compressing volume growth in price-sensitive economy segments.

Market Opportunities

The most significant near- to medium-term opportunity lies in bridging the quality and flavor gap between commodity instant coffee and fresh brewed coffee through innovation in processing technology. The “specialty instant” segment—which uses high-grade arabica beans and proprietary aroma-preservation methods such as micro-grinding or nitrogen-flushed packaging—is vastly under-penetrated in Brazil relative to markets such as the United States, Japan, or South Korea, and offers high-margin growth for both established players and agile challenger brands.

A second major opportunity resides in B2B channels: food-service operators and industrial ingredient buyers are increasingly seeking suppliers that can offer traceable, certified, and consistent soluble coffee with sustainability documentation, creating an opening for processors who invest in Rainforest Alliance and Organic certification and who can provide reliable supply amidst green coffee volatility. Third, e-commerce and direct-to-consumer subscription models are reshaping channel economics.

DTC models bypass the 20–30% margins demanded by traditional retail intermediaries, allowing premium unsweetened instant coffee brands to invest in higher-grade raw materials and more sophisticated packaging while maintaining attractive unit economics. Private-label expansion represents a fourth opportunity: as grocery chains continue to build their store-brand credibility, processors willing to invest in dedicated private-label production lines and flexible packaging capabilities can capture growing volume at the expense of legacy economy brands.

Finally, export diversification into Southeast Asian and Middle Eastern markets—where soluble coffee consumption is growing and Brazilian robusta-based product is well suited to local taste preferences—offers an avenue to absorb the production capacity needed to fund domestic premiumization investments.

Domestic coffee prices today

The domestic coffee market this morning, May 30, 2026, experienced a sharp downward adjustment as pressure from the world market spread directly to purchasing agents.

In all key provinces, the price of raw coffee beans simultaneously lost 1,800 VND/kg compared to yesterday’s trading session.

Specifically, in Dak Nong province (old), the purchase price retreated to 87,400 VND/kg, continuing to be the locality with the highest price in the whole region.

In Dak Lak and Gia Lai provinces, coffee prices both decreased to 87,300 VND/kg.

Meanwhile, in Lam Dong, the purchase price also dropped to the threshold of 86,800 VND/kg.

Along with the decline of coffee, pepper prices today stood still at the level of 141,000 VND/kg, while the USD/VND exchange rate at Vietcombank recorded a slight decrease of 10 VND, falling to 26,085 VND/USD.

World coffee prices

On international futures exchanges, panic was overwhelming as coffee prices fell sharply from the short-term peak set the day before.

On the London exchange, the price of Robusta for July delivery (RMN26) decreased by 78 USD, equivalent to 2.19%, closing the session at 3,476 USD/ton.

Similarly, the New York Stock Exchange witnessed the price of Arabica for July delivery (KCN26) plummeting 8.65 cents, equivalent to 3.15%, closing at 265.60 cents/lb. The simultaneous decline on both exchanges reflects the aggressive profit-taking sentiment of speculators in the face of the latest weather signals in South America.

Coffee price assessment

The direct cause of this decline stems from the latest weather forecasts showing that dry conditions will soon return to Brazil’s key coffee growing areas next week. This information helps harvesting – which was interrupted by heavy rain last week – to be expected to return to normal soon, thereby relieving concerns about short-term supply shortages.

However, the long-term supply and demand picture is still uncertain as Arabica inventories on the ICE exchange continue to fall to the lowest level in the past 3.5 months, along with the prolonged drought in the Central Highlands still being a major barrier to production prospects.

Before the strong and unpredictable fluctuations from both weather factors and speculative capital flows, farmers in this period should be very calm. It is understandable that the market adjusted down after a hot uptrend.

Domestic coffee prices today

The domestic coffee market this morning, May 29, 2026 witnessed an exciting trading session when the purchasing price of raw beans simultaneously surged sharply by 1,400 VND/kg in all key areas. With this increase, the average price level has approached the threshold of 90,000 VND/kg, bringing positive signals to farmers after a series of fluctuations.

In Dak Nong province (old), the purchase price recorded the highest level in the region at 89,200 VND/kg. Dak Lak and Gia Lai provinces both increased by 1,400 VND, currently trading at 89,100 VND/kg.

In Lam Dong, the price of raw coffee beans also reached 88,600 VND/kg. Contrary to the increase in coffee prices, pepper prices continued to stand still at 141,000 VND/kg, while the USD/VND exchange rate at Vietcombank recorded a slight decrease of 18 VND, down to 26,095 VND/USD.

World coffee prices

In the international market, price movements on the two main futures exchanges have established impressive new peaks thanks to the resonance of extreme weather factors in the two largest coffee “capitals” in the world.

On the London exchange, the price of Robusta for July delivery (RMN26) surged sharply by 82 USD (equivalent to 2.36%), closing the session at 3,554 USD/ton. At the same pace, the New York exchange recorded the price of Arabica for July delivery (KCN26) increasing by 4.40 cents (equivalent to 1.63%), closing at 274.25 cents/lb.

Coffee price assessment

The core reason for this strong increase is that unusual heavy rains in Brazil are seriously disrupting coffee harvesting progress, directly threatening the quality and supply of beans to the market.

In Vietnam, prolonged drought in the main growing areas of the Central Highlands is also increasing concerns about a shortage of Robusta supply, as rainfall is not enough to meet the development needs of coffee trees. These double risks have caused speculators to increase buying, pushing prices on both exchanges to the highest level in the past 2 weeks. In addition, Arabica inventories on the ICE exchange continued to fall to a 3.25-month low (440,785 bags), creating a very solid technical support for the market in the face of pressure from long-term supply surplus forecasts.

Although reports of a record harvest of nearly 76 million bags in Brazil are still a potential downside factor, in the short term, weather factors are temporarily controlling the price trend. The strong recovery of coffee prices shows that the market is still very sensitive to supply disruptions.

Despite the stability of copper price within the main bullish track, it remains confined between the initial support of $6.1000 and $6.4000 barrier, which pushes it to provide more sideways trading without recording any new positive target.

The contradiction of the main indicators confirms the dominance of the sideways bias currently, to keep waiting for surpassing the barrier to open the way for achieving extra gains that might begin at $6.5600 and $6.7500, while breaking the support and holding below it will force it to activate the bearish corrective track, and $5.9500 level represents the initial station.

The expected trading range for today is between $6.1000 and $6.4000

Trend forecast: Fluctuating within the bullish trend

Despite the stability of copper price within the main bullish track, it remains confined between the initial support of $6.1000 and $6.4000 barrier, which pushes it to provide more sideways trading without recording any new positive target.

The contradiction of the main indicators confirms the dominance of the sideways bias currently, to keep waiting for surpassing the barrier to open the way for achieving extra gains that might begin at $6.5600 and $6.7500, while breaking the support and holding below it will force it to activate the bearish corrective track, and $5.9500 level represents the initial station.

The expected trading range for today is between $6.1000 and $6.4000

Trend forecast: Fluctuating within the bullish trend

Resistance Confluence at trendline and 50-Day Moving Average

Key near-term resistance is a lower swing high at $4,589. A decisive advance above that level will trigger a bullish reversal of the short-term decline. Also, the 20-day moving average would be reclaimed, as it is now at $4,589 and falling. Nonetheless, the more significant next price level is indicated by the 50-day moving average.

It was successfully tested as resistance to the prior two advances. It converged with the downtrend line today, forming a key confluence resistance zone. Therefore, a bullish trend reversal signal will trigger above that average, currently near $4,631. Since the apex of a symmetrical triangle is shown around June 11, gold may trigger an upside breakout above the 50-day average before then.

Recovery Targets Point Toward Higher-Timeframe Resistance

Following the successful reclaim of the 50-day average, gold targets a lower swing high at $4,774 and the 100-day moving average, now near $4,804. A sustained advance above the lower swing high will trigger a bullish reversal and likely continuation of the advance toward higher resistance levels not yet tested in the current corrective phase.

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