March ICE coffee futures a buying opportunity on more price strength.
See on the daily bar chart for March ICE coffee futures that prices have seen a good rally from the contract low and recently hit a seven-week high. Prices have since paused and this pause is not bearish. The pause has formed a bull flag pattern. A move above solid resistance at Monday’s high of $1.1750 would give the bulls fresh upside momentum and it would also become a buying opportunity. The upside price objective would be $1.3000 or above. Technical support, for which to place a protective sell stop just below, is located at $1.1200.
