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Coffee Prices Stuck In 3 Week Consolidation


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Coffee Futures---Coffee futures in the May contract finished down 20 points at 96.65 a pound still experiencing extremely low volatility stuck in a 3 week consolidation period.

In my opinion I believe a bottom is going to be formed very soon as several other commodities out of the soft commodity sector such as orange juice, and sugar have moved higher in recent weeks and I think that will start to bleed over into the coffee market.

Coffee is still trading below its 20 and 100 day moving average as the contract low was hit on March 12th at 94.65 as that level has to hold for the bulls to have any hope.

Carryover levels still remain at 4 1/2 year high with production numbers for the Brazilian crop in 2019 around 55.4 million bags, but what we really need to push prices higher is stronger demand or some type of agreement between the United States and China on trade, but I do believe prices are very close to bottoming.

TREND: ---SIDEWAYS---LOWER

CHART STRUCTURE: EXCELLENT

VOLATILITY---LOW

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

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TWITTER---@seeryfutures

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Email:mseery@seeryfutures.comIf youre looking to open a Trading Account click on this linkwww.admis.com

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About the author


Michael is the sole owner of SEERYFUTURES.COM which is a commodity futures and options consulting, advisory, and educational firm.

Michael frequently appears on multiple business networks including Bloomberg News, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He also writes market commentary for several commodity websites and is interviewed for commodity comments by the Wall Street Journal. He is also a guest on First Business, which is a national and internationally syndicated business show.
 
Michael started his career in 1990 at the Chicago Board of Trade as a runner. He soon worked his way up to becoming a Series 3 broker. He works with seasoned traders as well as novice beginners educating them on trading the futures markets as well as using simple and complex option strategies. Michael covers all markets including grains, metals, energies, and all other futures markets that are traded.
 
To Michael the biggest lesson any trader needs to learn is risk management. Michael believes this is the most important factor in trading. He also works with traders to help them determine the proper risk for their trading style. Michael has spent a lot of time educating his clients to help them understand trading strategies and trading techniques while enjoying spending quality time with customers going over the markets or just talking general trading philosophies.

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