Opinion, Levels, Risk Range Published: Near Term (1 to 4 weeks) Short-Term (1 to 3 months)
Trading Levels, Risk Range
US Coffee Futures
Best buy & support at 120, Near Term target in focus 130 - 140.20, above 142 suggests 150.30 in motion short term. However, if prices fail to hold 116.5 coffee is vulnerable to test 108 - 106 a little above the previous 52 weeks low 102 apparently from where the prices bounced back sharply holding support. If breach 102 downside may extend to 96.20 Where its likely to make a bottom.
Technical Preview
Parabolic SAR, commodity channel index & Stochastic Oscillators have taken support are indicating upward momentum as highlighted in the chart followed by Bullish continuation candlestick pattern
Comment: Long Positions can be added between 120 - 122 levels for target 130 & 140
Alternative Scenario: Reversal Or Break Down Pivot 116.50, reversal target capped at 106. If violates. panic sell-off can push prices lower much as 96.50 in extension
US Coffee now trading at 123.70