131.50 is back in play and the key will be how it gets treated
Once over 134.10 in the March contract coffee was destined to take a crack at the upside. It struggled at first, almost as if having to prove itself, but it did and once above 134.50 and 135, a high of 135.40 was reached. After several attempts to continue failed, then the sellers took advantage and values retreated with the active March contract retracing its earlier move. When 134.50 and then 134.10 gave way, stops were elected and prices dropped. March moved as low as 132.90. Now since 132.80 was a recent low, that area induced short covering and perhaps some buying which resulted in a bounce carrying March back up to 133.60/70, but that was it.
Without the ability to return above 134.10 it looks like prices are going to head down and test for support. Since 131.50 required so much work last week, I fully expect that is the level which must be seen. Certainly 131.50 should come back in play. In fact, it never really left. How the market responds will likely dictate the next move of substance. It could be a range, or a move downward.
Basis March Support: 131.50, 130.40, 128.45-127.65,
Resistance: 134.15, 135.50, 137
Si quiere más información, por favor contáctenos,
Maria Aranda
El equipo de Brokers de Futuros USA
Email: [email protected]
TEL: 312-261-7395
Fuente: MF Global
©2007 Jurgens Bauer & Associates all rights reserved.
Jurgens Bauer
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