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Coffee Prices Lower For The Trading Week

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Source: Getty Images

Coffee Futures---Coffee futures in the December contract settled last Friday in New York at 111.55 a pound while currently trading at 109.00 down over 250 points for the week as prices are stuck in a 3 week consolidation pattern.

I have been recommending a bullish position over the last several weeks from around the 109.55 level and if you took that trade continue to place the stop loss under the contract low which stands at 96.90 as the chart structure will not improve theirfor the stop loss will not be raised as the monetary risk will remain the same.

Coffee prices are trading right at their 20 day but still far below their 100 day moving average as prices topped out slightly above the 135 level in early September as that is how far prices have dropped as there are still major concerns about the Coronavirus curbing demand coupled with the 7/10 day weather forecast having some rain on the horizon keeping pressure on prices.

In my opinion I believe the long-term bottom in coffee finally has been cemented as I have a bullish bias towards all commodity sectors in 2021 as we could see big trends to the upside due to all of the stimulus and demand coming back worldwide so stay long as I think the downside is very limited.




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


Email: mseery@seeryfutures.com

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.

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