Coffee Futures—Coffee futures in the July contract settled last Friday in New York at 90.60 a pound while currently trading at 98.80 basically unchanged for the week, however a 14 year low was hit on May 7th at 87.60 before rallying slightly on short covering.
At the present time coffee prices are still trading below their 20 and 100 day moving average as the trend clearly is to the downside as the downtrend line also remains intact as I am currently sitting on the sidelines waiting for some type of bullish trend to develop.
If you take a look at the daily chart the 4 week high stands at 95.25 which is just an eyelash away and if that is touched the downtrend line and the 20 day moving average would be breached due to the outstanding chart structure and the historically low volatility that we are currently experiencing.
The soft commodity markets continue to melt away on a weekly basis as I have short recommendations in sugar and cotton which are at yearly lows as well as I see no reason to be a buyer until the situation between China and the United States on trade comes to a conclusion as the uncertainty has a bearish and negative influence on all prices.
CHART STRUCTURE: OUTSTANDING
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