Update on Coffee

My favorite soft commodity is still coffee. Since  breaking the 2-year declining red channel, it has retested it twice in the last 2 weeks.

The closer view shows the very strong green resistance which held countless number of tests in the last months. Now prices are moving away from both the red channel and the green resistance which is a sign that a new trend is forming. More importantly, the last time it made a low on 26.04.13 it wasn't a lower low. Than the prices jumped to 144.4 which was a higher high that hasn't happened for quite a while. We are now hovering around 144 area again. I believe it will go for another higher high soon which will confirm the new trend.

Last but not least, the 10 year blue support is another sign that coffee will get expensive very soon.