Coffee futures prices have been consolidating after a big rally. But perhaps that consolidation is over and Coffee is ready to make new highs.
As you can see in today’s chart, Coffee futures appear to be breaking out of a recent consolidation. This likely confirms that a bottom is in place.
The bullish price action has produced a bullish money flow unit with a target up near the falling 200-day moving average at $198. Any trading longs here would likely be best coupled with a stop near the recent lows.
Coffee Futures Price Chart
Twitter: @GuyCerundolo
The author or his firm have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
