Good Morning Folks
Of the past seven days we have had four strong up days when the market was up over 1000 points. Yesterday was a spinning top day with market closing very close to the opening with a 30 point change. But yesterday it tried to go down and met support at 1.2775. This morning at the opening the July coffee contract gapped down 120 points, but has recovered and is now trading at 1.2925, down 80 points.
Both the Brazilian Real and the Dollar have recovered a little from their recent lows, so it appears that the currency influence has stabilized a bit.
Technically, if we break through resistance at 1.30/1.32, we could see a higher market. The attached article discusses this situation a little further.