September Coffee Futures a Selling Opportunity on More Price Weakness
See on the daily bar chart for September ICE coffee futures that prices are in a solid downtrend and last week hit a 4.5-month low. The bears have the firm near-term technical advantage to suggest prices will continue to trade sideways to lower in the near term. A move below last week’s low of $1.6250 would become a selling opportunity. The downside price objective would be $1.3000 or below. Technical resistance, for which to place a protective buy stop just above, is located at $1.7500.
