Coffee Prices Hovering Near 14 Year Low

Coffee Futures---Coffee futures in the March contract is trading higher in a very quiet trade in New York up by another 165 points at 104.05 a pound still hovering near a 14 year low.

Coffee prices are trading slightly above their 20 day but still below their 100 day moving average as the volatility still remains remarkably low as the fundamental news is still negative.

Traders are keeping a close eye on weather conditions in Brazil as there are pockets of dryness which are becoming more concerning, but it's not been reflected into the price, but eventually it could especially if the hot & dry conditions persist.

I have been recommending a bullish position from around the 105.30 level and if you took the trade continue to place the stop loss on a closing basis at 98.50 as we are still just an eyelash away from getting stopped out.

For the bullish momentum to continue we have to break the January 9th high of 106.85 in my opinion as I still do believe that most of the bearish fundamental news has already been dictated into the price.

TREND: ---MIXED

CHART STRUCTURE: EXCELLENT

VOLATILITY---LOW

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