Coffee Futures—Coffee futures in the July contract finished down 5 points at 92.85 a pound selling off from session highs as prices traded at 95.25 before profit taking took place. The volatility in coffee over the last 3 trading sessions has been relatively high as this market has continually grinded lower for months as prices hit a 14 year low in last week’s trade.
Estimates of worldwide coffee supplies were raised recently as that has certainly put pressure on prices as fundamentally speaking there is nothing bullish about coffee at this time, however the chart structure remains outstanding due to the extremely low volatility that we’ve experienced for so long which has been amazing in my opinion.
Coffee is trading below its 20 on 100 day moving average as the trend remains negative as the downtrend line also remains intact, however that will be broken if prices crack the 100 level as that still is a possibility. For the bearish momentum to continue we have to break the 89.00 level which was hit on April 17th as the entire soft commodity sector remains bearish.
CHART STRUCTURE: EXCELLENT
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