Coffee Prices Sharply Higher This Week

18 Mar 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 May contract settled last Friday in New York at 125.80 a pound while currently trading at 134.50 trading higher for the 3rd consecutive trading session up around 900 points for the trading week hitting a 5 month high. I've been recommending a bullish position from around the 121.50 level and if you took that trade continue to place your stop loss below the 10 day low which currently stands at 119 as the chart structure is terrible at the present time due to the fact that coffee prices have exploded to the upside over the last week.

The commodity markets in general have rallied substantially due to the fact that the U.S dollar has hit a 6 month low and it certainly looks to me that the bear markets are over with in the short-term, however if you have missed this trade the risk/reward is not your favor at the current time as you missed the boat so you must look at other markets that are beginning to trend.

The next major level of resistance is the October high around 142 as I think prices could test that level next week as coffee prices are still cheap in my opinion as demand currently is strong. At the current time I'm recommending a bullish position in cocoa and in coffee as the soft commodity markets have certainly caught fire recently including the sugar market so start looking at the commodities to the upside. TREND: HIGHER–CHART STRUCTURE: POOR

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