Coffee Prices Hit A 3 Week High

Coffee Prices Hit A 3 Week High
Coffee Prices Hit A 3 Week High

Coffee Futures—Coffee futures in the December contract settled last Friday in New York at 104.40 a pound while currently trading at 107.25 up nearly 300 points for the week trading higher for the 2nd consecutive session as prices are near a 3 week high.

I have been recommending a bullish position over the last several weeks from around the 109.55 level and if you took that trade continue to place the stop-loss under the contract low and 14-year low at 96.90 as an exit strategy, however we will have to rollover into the March contract starting next week due to expiration.

Coffee prices are now trading above their 20-day but still below their 100 day moving average as the trend remains to the downside as I think prices are bouncing off major support as I will not take a short position as I’ve talked about in many previous blogs the downside is very limited as we are squeezing blood out of a turnip in my opinion.

The volatility will certainly start to increase as we start to enter the winter months with the next level of resistance at the 110 area and if that is broken that would tell me that the bottom is in place so stay long. 






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