Coffee Chart Looks Interesting

Coffee Chart Looks Interesting
Coffee Chart Looks Interesting

Coffee Futures—Coffee futures in the July contract settled last Friday in New York at 92.90 while currently trading at 93.90 up about a 100 points as prices are now right near a 2 week high. Coffee prices are trading right at their 20 day but still below their 100 day moving average which stands at 103 as I think there’s a possibility that a spike bottom was created on April 17th at 89.00 as I will be looking at a possible bullish position in next week’s trade.

Large money managed funds are short around 81,000 contracts as there are also heavily short the grain market as they believe lower prices are still ahead, however if we had some spark of bullish news there could be massive short covering which would send prices higher.

The volatility in coffee remains exceptionally low as the soft commodities across the board remain bearish as the U.S dollar continues to strengthen against the Brazilian Real which is having a negative impact on prices.

Coffee has an oversupply issue as the International Coffee Organization has raised carryover levels from 2.29 million bags to 3.1 million, but I do believe all of this negative fundamental news has already been reflected into the price as that’s why prices are near a 14 year low.

TREND: MIXED—LOWER

CHART STRUCTURE: EXCELLENT

VOLATILITY: LOW

 

If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

Skype Address: 5da1f85979b7117b

TWITTER—@seeryfutures

FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER

Email: mseery@seeryfutures.com

If you’re looking to open a Trading Account click on this link www.admis.com

 

MEMBERS LOGIN

Click on Members Login—-Username—coffeeshop

Password—greencoffee88

Click login and then click on Blog and click on the title of the story to read—Mike 630-408-3325

Click on my live chat so we can talk as well

 

There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.