After a 290 point drop in the July contract on Tuesday July closed today up only 100 points for the day and 210 points for the last three days at 1.2650.
For the past three days July has tried to get through 1.27, but ran into resistance. All three days have had small trading ranges with the only significance that the low for each day was higher than the previous day.
I have attached a coffee report from Dow Jones from yesterday. On Tuesday July came very close its lowest low which was in November of 2013. We have had quite a ride since then.
We are now coming into Brazil’s frost season which will encourage buying and/or reduce selling.
Have a good weekend