tag:blogger.com,1999:blog-5559625162105672139.post1484763377851022925..comments2023-10-15T07:35:20.455-07:00Comments on The Crude Oil Trader: Is this a buy signal in coffee? JO Unknownnoreply@blogger.comBlogger1125tag:blogger.com,1999:blog-5559625162105672139.post-52996543181788074482013-07-26T13:48:04.821-07:002013-07-26T13:48:04.821-07:00Mike Seerys Friday call..
Coffee futures settled ...Mike Seerys Friday call..<br /><br />Coffee futures settled down 230 points this Friday afternoon while still trading above its 20 day moving average but below its 100 day settling last Friday at 122.70 a pound basically trading unchanged for the week with excellent chart structure on the daily charts. I have been advising traders to be bullish or long the coffee market with either bull call spreads or outright futures and if your trading outright futures my advice would be to place your stop at the 10 day low which is 118.65 which was hit on July 15th minimizing your risk in case the trend does continue to the downside. Coffee prices are still right near a 3 year lows and I think with a sideways consolidation that we’ve had in the last 6 weeks looking to bottom especially with the U.S dollar hitting a 5 week low today which could be supportive coffee prices. All of the bad news in coffee is basically baked into the prices such as a large harvest from Brazil & waning demand worldwide so I think the tide might be turning to the upside in my opinion. TREND: LOWER –CHART STRUCTURE: EXCELLENTRay @ The Crude Oil Traderhttp://crudeoiltrader.blogspot.com/noreply@blogger.com