August 21, 2020
Technical setup bullish for coffee despite declining lower exports
The International Coffee Organization (ICO) reported global exports in June 2020 amounted to 10.57 million bags, 5.3% lower than June 2019 while shipments in the first nine months of coffee year 2019/20 reached 95.36 million bags, 5.1% lower than the same period of 2018/19. Lower coffee exports and shipments are downside risk for coffee prices. However technical setup is bullish for coffee, and the ICO reports its composite indicator increased by 4.7% to an average of 103.66 US cents/lb in July 2020, following three months of declines.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Neutral | |
| MACD | Sell | |
| Donchian Channel | Buy | |
| MA(200) | Buy | |
| Fractals | Buy | |
| Parabolic SAR | Buy |
Summary of technical analysis
| Order | Buy |
| Buy stop | Above 123.53 |
| Stop loss | Below 115.17 |
Market Analysis provided by IFCMarkets.com
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