Coffee has been swinging from oversold to overbought and back again on a consistent basis for more than a year.
Last year, January through December, was spectacular with more than a $30,000 gain on margin (current margin requirement is $3,100 per contract). This year not as much but still great –$10k plus so far.
Should be noted that the commodity may be in transition. It appears on a longer term basis coffee has moved from bearish to generally bullish with what appears to be no less than a rounding bottom on the daily chart.
The commodity’s active contract is overbought and can go higher but that trade is on so not worth chasing. The next trade will be a short.
(for a closer look at the swings right click on the chart)