December ICE Coffee Futures a “Swing Trade” Selling Opportunity on Price Weakness
See on the daily bar chart for December ICE coffee futures that prices spiked higher last week but then backed well down from last week’s high, which suggests the bulls quickly became exhausted at the higher price levels. See, too, that the past few months that price uptrends have been halted around last week’s spike high. A move below solid chart support at this week’s low of $1.8720 would become a “swing trade” selling opportunity. The downside price objective would be $1.5500 or below. Technical resistance, for which to place a protective buy stop just above, is located at $2.0000.
