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Simply put, after a long choppy but steady down trend, coffee has changed course to an up trend, breaking it’s down sloping moving average, then retesting it perfectly before resuming its new trend to the upside.
Nothing more to say. The chart says it all.
(click on chart for a larger view)
…with a breakeven at 135.
For years coffee has been one of the best swing-trading plays, both long and short. Now after a severe draw down that wiped out profits for the year, the swings appear to be back on track. If this continues, it will again be a very profitable year for coffee speculators.
(click on the chart for a larger view)