Note quite yet, KC long

ICEUSA:KC2!   Coffee
Coffee             nearing the orange support line around 122 (2nd month continuation, about 119-120 front month ).

Interesting fact about this correction lower from 134 to 122 is that this is the first time in a couple years that we actually have an up-sloping support line (orange line).

If the orange support holds this could mark a longer term trend reversal.

On the downside further targets remain the lower Bbands as well as the previous lows around 113.

IMHO selling put spreads out in Sep16 might be a good risk reward once we reach the orange line (U16 110/100 p spread). The U provides some decent premium over the other contracts as this is the frost scare month.
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