Are Coffee Prices Going Lower ?

09 Jun in Blog, Cocoa futures, coffee futures, commodity trading, cotton futures, Mike Seery, orange juice futures, seeryfutures, sugar futures

Coffee Futures--- Coffee futures in the July contract is currently trading at 128.25 a pound after settling last Friday in New York at 125.25 up about 300 points for the trading week as I'm currently not involved in this market, however I will not initiate a short position as I think coffee prices are cheap as I'm looking at a bullish position once a true breakout occurs.

Coffee futures are still trading under their 20 day and 100 day moving average which stands at 139 which is quite a distance away, however the chart structure is rather solid at the present time as the volatility is really low as prices have been grinding lower.

At the present time we are in the frost season in the country of Brazil which is the largest producer in the world as colder temperatures are expected this weekend, but no frost as the agricultural markets are starting to stabilize despite the fact of the Brazilian Real remaining very weak against the U.S dollar.

If you take a look at the daily chart there is major support around the 125 level which was hit in the last 5 trading sessions and unable to break as I do believe we are finding support as prices are bottoming out in my opinion.TREND: LOWER –CHART STRUCTURE: --SOLID--IMPROVING

 

 

 

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