September coffee futures on the New York Board of Trade on Monday hit a fresh 5.5-month high. The bulls have gained solid near-term technical momentum recently, having push prices above some strong technical resistance levels and working prices up from the July low. Prices are in a steepening uptrend from the early-July low. Bulls are now looking for more on the upside in the near term.
The next upside price objective for the coffee bulls is to produce a close above solid longer-term resistance at 125.00 cents a pound. A drop below and close below solid chart support at 116.50 cents in September NYBOT coffee futures would give the bears some fresh downside near-term technical momentum. Stay tuned!–Jim
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