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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