Coffee Futures--- Coffee futures in the March contract are trading higher for the 6th consecutive session near a 4 week high up another 70 points at 130.90 a pound as it looks to me that a possible bottom may have been completed around the 120 level.
The U.S dollar has traded lower 6 out of the last 7 sessions hitting a 3 month low as the commodity markets are starting to rally and as I've talked about in many previous blogs I am bullish across the board as commodity prices are exceptionally cheap compared to the U.S stock market as growth has come back into the United States for the 1st time in nearly a decade as I think that will support these very cheap commodity prices in my opinion.
Coffee is now trading above its 20 & 100 day moving average which stands at 130.60 which is also major resistance around that level as I do believe higher prices are ahead. The chart structure at the present time is poor due to the recent run-up in prices as I'm not involved at the current time, but I will be looking at a bullish trade in the days ahead so keep a close eye on this market as I think prices have finally bottomed out.
The weather situation in the country of Brazil will dictate short-term price action as the soft commodities except for orange juice have all started to rally, but for the bullish trend to continue we have to break the 132 level as the giant bearish trend is over.
CHART STRUCTURE: POOR
If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com
Skype Address: mseery TWITTER---@seeryfutures
FREE TRIAL FOR THE LIMIT UP COMMODITY NEWSLETTER
If youre looking to open a Trading Account click on this link www.admis.com
There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.