Coffee Futures--- Coffee futures in the March contract are trading higher by 15 points at 130.90 a pound continuing its slow grinding bullish momentum as prices are right near a 4 week high.
I will be recommending a bullish position if prices close above 131.75 while then placing the stop loss under the 2 week low which stands at 124.80 risking around 700 points or $2,700 per contract plus slippage and commission, however the chart structure in Wednesday's trade will improve as the stop loss will be raised to 125.85 therefore lowering the monetary risk to around $2,300.
Coffee is trading above its 20 day, but below their 100 day moving average which stands at 135.40 as I think there could be some buy stops at that level to push prices even higher.
Weather conditions in the country of Brazil are still ideal, but beneficial rains would certainly help produce an excellent crop in 2018, however it is a long growing season as we still have the weather phenomenon known as La Nia which could throw a wrench into the closet therefore hurting production numbers.
If you take a look at the daily chart it looks like a rounding bottom is starting to occur which is a technical analysis term so keep a close eye on this market as we could possibly be involved in today's trade as this should only be taken with a large trading account as the risk is high.
CHART STRUCTURE: EXCELLENT
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.