
Coffee Futures—Coffee futures in the March contract is currently trading higher by 150 points at 102.00 a pound as prices have now hit a 1 week high.
Coffee prices are trading far below their 20 and 100 day moving average as prices have dropped significantly from the December 17th high at 144.45 as weather conditions in the country of Brazil currently are ideal, however I do believe prices are in a bottoming-out pattern while looking cheap.
If you take a look at the weekly chart prices are right at major support as we have bounced off his level on multiple occasions, but be patient as the breakout has to be at least a 4 week high as it will be still several more weeks before we would be involved in a bullish position as prices are still hovering right near a 15-year low which is astonishing in opinion.
TREND: LOWER
CHART STRUCTURE: POOR
VOLATILITY: AVERAGE
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