e questo era ieri sera il rispettabile Mike Seery
Coffee Futures--- The coffee market was lower for the 5th consecutive trading session with an absolute see saw chart pattern on the daily charts in recent weeks finishing down 175 points at 135.15 pound just an eyelash away from contract lows which is right around 133 a pound as traders are spinning their heads wondering if there ever be a trend in coffee. With today’s selloff coffee prices are near a 3 year low once again as every rally seems to be sold and every dip seems to be bought and I’m wondering if we break contract lows tomorrow or bounce off but at this point in time and I know this is a crazy thought I still believe that coffee prices are in a bottoming pattern but I would like to see some more chart structure allowing you to place a tight stop minimizing your risk in case the trend does change but I’m still biased to the upside in this commodity.
As we head into frost season in Brazil any inkling of cold temperatures will send prices higher, however just the exact opposite could happen as well if solid weather and a record harvest comes into play prices could go down to the 120 level where there is major support and if you are a long-term investor I would be recommending buying coffee at those levels because I do believe since economies are improving around the world and coffee prices in my opinion are relatively low and the lowest 3 years. TREND: LOWER –CHART STRUCTURE: OK