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ICE Coffee futures get ready for a new corrective uptrend

I ever advised my customers to buy July ICE Robusta Coffee futures when the price was just a little above $1,900/ton. At that time, I expected a corrective uptrend in short term and intermediate term.

At present, after making a temporary top around $2,035, July ICE Robusta Coffee futures has fell down to $1,978. At this stage, I appreciate the possibility that the Robusta coffee futures will be in range bound between $2,010 - $1,975 for some trading hours before turning out for the next uptrend to target $2,075 in short term.

For July ICE Arabica Coffee futures, I suppose that the price will hold on 132,00 cent/lb support zone then start for a new corrective uptrend to break over 137,50 cent/lb resistance zone.

In general, I will enter buy orders for ICE Coffee futures and wait for some sessions to take profit. However, note that a breakout below $1,975 for July ICE Robusta Coffee futures will give a signal that coffee futures remain vulnerable for further downtrend to test recent bottoms.

By Jack Huyn

Please be informed that information I provide is for educational purposes only and not intended as investment advice. Information and analysis above are derived from utilising methods believed to be reliable, but I cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.
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