Coffee C futures (symbol: KC) are currently in consolidation mode off the $2.1570/lb high of 23Apr14. Per our previous post of 22Apr14, which can be found at http://wp.me/p3SbOG-cZ, we confirmed Coffee had reversed trend, initiating a new and powerful bullish movement. All indications since that post continue to confirm the bullish view.
Strong support lies in the $1.66 and $1.44/lb price levels. Upon completion of this consolidation phase, likely within next 6 to 8 weeks, we expect Coffee futures to exhibit impulsive price activity to the upside.
Murphy & Co’s Coffee model is currently long. To learn more about Murphy & Co’s position models, visit http://murphycofutures.com/position-models/.