December ICE Coffee Futures a Selling Opportunity on More Price Weakness
See on the daily bar chart for December coffee futures that prices have dropped sharply this week and hit a six-week low. A bearish double-top reversal pattern has also formed on the daily bar chart. The bears have quickly gained solid downside technical momentum to suggest still more selling pressure in the near term. A move below technical support at this week’s low of 1.8040 would become a 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 1.9000.
