Yahoo Finance
December coffee (KCZ26) futures present a buying opportunity on more price strength.
See on the daily bar chart for December coffee futures that prices are in an uptrend and have just hit a nine-week high.
See, too, at the bottom of the chart that the moving average convergence divergence (MACD) indicator is in a bullish posture, as the blue MACD line has crossed above the red trigger line and both lines are trending higher.
Bulls have the near-term technical advantage.
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Fundamentally, increasing global demand for coffee amid some major producing countries seeing reduced supplies because of adverse growing weather make the balance sheet tilt toward the bullish camp.
Also, geopolitical events have disrupted some coffee supply lines in recent months.
A move in December coffee futures above chart resistance at this week's high of $3.4565 would become a buying opportunity.
The upside price objective would be $4.0500 or above.
Technical support, for which to place a protective sell stop just below, is located at $4.2000.
IMPORTANT NOTE: I am not a futures broker and do not manage any trading accounts other than my own personal account.
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