September ICE coffee futures a selling opportunity on more price weakness.
See on the daily bar chart for September coffee futures that prices are in a downtrend and have this week hit a nine-week low. The bears are in near-term technical control, to suggest prices will continue to trend sideways to lower. A move below chart support at $1.7000 would become a selling opportunity. The downside price objective would be $1.3500 or below. Technical resistance, for which to place a protective buy stop just above, is located at $1.8500.
