Coffee Prices Hit A 6 Week High

09 Oct in Blog, Cocoa futures, coffee futures trading, commodity consultation, commodity trading, cotton futures, lumber futures, Michael Seery, milk futures, orange juice futures, Seery, sugar futures

Coffee Futures--- Coffee futures in the December contract settled last Friday in New York at 124.30 a pound while currently trading at 131.00 up nearly 700 points for the trading week as I’m recommending a bullish position from around the 128 level while placing your stop below the 10 day low which is at 118 as this is a very high risk trade which should only be considered with a large trading account as the chart structure will not improve until next week therefore lowering monetary risk.

My last two recommendations in the coffee market were both to the downside getting stopped out taking two small losses as I think the tide has now turned to the upside, as I’m a trend follower and the trend in coffee in the short-term has turned higher in my opinion.

Many of the soft commodities have rallied including sugar and now coffee as the Brazilian Real has stabilized therefore pushing up prices here in the short-term coupled with the fact that the U.S dollar has hit a three week low as the perception is that the commodity markets have bottomed. The next level of major resistance is around the 140 level which was touched in mid-August as the long-term downtrend line seems to have been broken so be patient and wait for some type of pullback if your trading a smaller account as the coffee market is a high risk trade. TREND: HIGHER –CHART STRUCTURE: POOR

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