What Is Going On With Coffee Prices ?

What Is Going On With Coffee Prices ?
What Is Going On With Coffee Prices ?


Coffee Futures— Coffee prices experienced a wild trading week up 600 points this Friday afternoon at 111.00 a pound or 5.72% after settling last Friday in New York at 111.35 basically unchanged as this sleeping giant is starting to show some signs of life once again.

Currently I’m sitting on the sidelines as I believe prices have bottomed out bouncing off of major support at the 100 level which is about a 14-year low as prices are now at a 3 week high trading above their 20 day moving average, but slightly below their 100-day which stands at the 114 level so keep a close eye on this market as we could be involved in a bullish position soon.

Fundamentally speaking weather concerns in Brazil as Somar Meteorologia reported on Monday that rainfall in Minas Gerais, Brazil’s largest arabica-coffee growing region measured 131.8 mm in the past week, or 304% of the historical average as those heavy rains saturated Brazil’s coffee fields and may curb coffee yields.

If you take a look at the daily chart the down trend line which was very steep over the last couple of months has finally been broken as that is a bullish technical indicator for higher prices ahead as I will not take a short position as the downside is very limited.





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