Coffee Prices Remain Bullish

18 Sep in Blog, coffee futures, commodity trading, cotton futures, futures trading, Mike Seery, orange juice futures, seeryfutures, sugar futures

Coffee Futures--- Coffee prices have traded higher 8 out of the last 9 trading sessions up another 80 points at 142.25 a pound continuing its bullish momentum hitting a 5 week high in today's trade.

In my opinion it looks to me that coffee prices are looking to retest the August 8th high of 147.25, however the chart structure is very poor as the 10 day low stands at 126.75 as the monetary risk is way too high to enter into a bullish position so I'm waiting for some type of price retracement before entering.

If you have read any of my previous blogs you understand that I am bullish coffee as I was not willing to take a short position when prices broke the 130 level as I'm certainly not recommending any type of short position as I still think higher prices are ahead as I am bullish most of the commodity sectors at this time as I think they are starting to come to life once again to the upside.

Coffee prices are trading above their 20 and 100 day moving average telling you that the trend is higher, however we might be in overbought territory at this time so keep a close eye on this market as I'm still looking into a bullish trade which could happen any day soon. At the current time I have bullish recommendations in sugar and in cocoa out of the soft commodities as the U.S dollar remains weak as I think that will start to spur demand which will push prices higher.TREND: HIGHER –CHART STRUCTURE: POOR

 

 

 

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