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Coffee Futures fall today below 100, to 97.25, not seen since 2006. Producers, according to the CFTC COT reports, are net long some 80,000 contracts, an all-time high. These extremes in positioning are accurate contrarian signals, presenting a opportunity to bet on a rebound in future coffee prices over the next 6 month.
It looks like a good time to get into Coffee. The CFTC report (refer to barcharts.com) shows the dealers and commercials are extremely net long and control most of the open interest. We are overbought at the moment and need to see a pullback where we want to be buyers. I'm expecting price to come back to this support zone - if not I may take a break ...
We reached the correction target, so the coffee is ready to look for new lows, probably around ~93-94
If it happends it can make a good profit.
Please, comment my idea.
LONG Coffee. Commercial COT Net long biggest position in history
Clear bearish chart. In this moment I'm bearish until the last week of August. Landing area for a bounce 95-92$. 100$ is psychological level but not enough.
Pay Attention Buyers!