Coffee Futures—Coffee futures in the July contract is trading higher for the 2nd consecutive session up another 60 points at 93.85 a pound in a quiet Wednesday in New York.
Heavy rains in the country of Brazil are causing some concerns about a possible delay in harvest, however the fundamental situation still remains bearish as the international coffee organization on April 4th raised the coffee supply to 3.1 million bags from 2.29 which is significant as the world is awash in coffee at this time.
Coffee prices are trading right at their 20 day but still below their 100 day moving average which stands at 104.50 as I am still looking at a possible bullish position in the coming days or weeks ahead as prices are hovering right near a 14 year low.
The chart structure is outstanding at the present time due to the fact of the low volatility as we continually grind lower on a weekly basis as I do believe there is a chance that the April 17th low of 89.00 might be the low, but I will be patient and wait for better chart pattern to develop before trying to pick a bottom.
CHART STRUCTURE: EXCELLENT
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