KC 6/29 Review
Coffee finally seeing a breakout after spending most of June in a range. Sept. contracts finally seeing a close, albeit a small one, above the 100 mark. Temps in Brazil, along with some chatter about a frost, boosted prices today. Shipping delays are helping provide some near-term support as well. From a technical standpoint, prices closed almost right at the 34-day MA. Today's resistance also coincided with the 23.6% retracement off the March 26 break high / June lows. The shorter 9-day MA, which was flat over the last week, has started to turn higher as well which is supportive for an upward trend. Overall, fundamentals are giving a bullish tilt to prices here as frost concerns have historically been the catalyst for further upside. A close above 103 points to a retest of the 38.2% retracement at 108.45.
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