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Coffee Prices Lower For The Trading Week


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Coffee Futures---Coffee futures in the December contract settled last Friday in New York at 111.55 a pound while currently trading at 109.00 down over 250 points for the week as prices are stuck in a 3 week consolidation pattern.

I have been recommending a bullish position over the last several weeks from around the 109.55 level and if you took that trade continue to place the stop loss under the contract low which stands at 96.90 as the chart structure will not improve theirfor the stop loss will not be raised as the monetary risk will remain the same.

Coffee prices are trading right at their 20 day but still far below their 100 day moving average as prices topped out slightly above the 135 level in early September as that is how far prices have dropped as there are still major concerns about the Coronavirus curbing demand coupled with the 7/10 day weather forecast having some rain on the horizon keeping pressure on prices.

In my opinion I believe the long-term bottom in coffee finally has been cemented as I have a bullish bias towards all commodity sectors in 2021 as we could see big trends to the upside due to all of the stimulus and demand coming back worldwide so stay long as I think the downside is very limited.

TREND:MIXED---LOWER

CHART STRUCTURE: SOLID

VOLATILITY: AVERAGE

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

TWITTER---@seeryfutures

Email: mseery@seeryfutures.com

If youre looking to open a Trading Account click on this link www.admis.com

There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.



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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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