Coffee Prices Break 3 Day Winning Streak

Coffee Futures--- Coffee futures in the September contract are breaking a 3 day winning streak down 180 points currently trading at 131.80 as I have been recommending a bullish position from around the 132 level & if you took that trade continue to place your stop loss under the 10 day low which stands at 125.80 risking about $2,400 plus slippage and commission as this trade should be taken with larger trading accounts due to the fact that the risk is relatively high.

Coffee futures are still trading above their 20 day but below their 100 day which stands at 136 as prices traded at 135 earlier in the trading session as the risk/reward is in your favor in my opinion, however the chart structure will not improve so you will have to accept the monetary risk at this time.

At the present time I do not have any other trade recommendations in the soft commodities as it looks to me that sugar prices have also bottomed and if you have not entered this market look for some type of retracement therefore lowering the monetary risk to enter into a bullish position as coffee prices are still relatively cheap in my opinion as all of the bad news has already been reflected into the price.TREND: HIGHER –CHART STRUCTURE: SOLID

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