Coffee Futures—Coffee futures in the July contract is currently trading higher by 90 points at 93.55 a pound as prices are right near a 2 week high as it looks to me that a possible spike bottom may have been created on April 17th at 89.00 as I’m keeping a close eye on a bullish position.
Coffee prices are trading right at their 20 day but still below their 100 day moving average which stands at 103 as the chart structure is outstanding at the present time due to the fact that the volatility is historically low.
Coffee prices remain bearish as prices continually move lower on a weekly basis as I’m not convinced the bottom is at hand, but prices have stopped going lower as that is one silver lining if you are bullish. I will be looking at a bullish position once prices hit a 4 week high which could possibly happen in next week’s trade as the Brazilian Real has strengthened against the U.S dollar as that is a fundamental reason why prices have stabilized.
Fundamentally speaking coffee remains bearish as worldwide supplies are large coupled with Ideal weather conditions in the 2 largest coffee growing regions in the world which include Brazil and Vietnam, however technically speaking this market looks interesting.
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