Coffee Futures---Coffee prices in the September contract settled last Friday in New York at 140.15 a pound while currently trading at 140.50 basically unchanged for the week as I have been recommending a bullish position from the 132 level and if you took that trade the 10 day stop has now been raised to today's low of 136.85 as the chart structure is outstanding at the present time.
Many of the soft commodities sold off in yesterday's trade as I was stopped out of the cocoa and in the sugar earlier in the week my coffee, however coffee has hung in there rather strong as prices are still trading above their 20 and 100 day moving average telling you that the trend remains to the upside so continue to place the proper stop loss.
The U.S dollars has hit a 14 month low as I'm also recommending a short position in that commodity as that is helping support coffee prices here in the short term as harvest is in full swing in the country of Brazil and should be finished in the next couple of weeks which is a positive fundamental aspect in my opinion.TREND: HIGHER–CHART STRUCTURE: EXCELLENT
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