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IC Trade: Coffee (Liffe contract)

Created:
26 March 2008
Updated:
1 April 2008
Written by:
Dominic Picarda

Having become very overbought, coffee has pulled back sharply from a resistance level that goes back to the early 1980s.

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The daily Ichimoku cloud could help to break its fall, along with its 200-day exponential moving average. Once the uptrend resumes, coffee looks set to continue its upward path, with targets at 3250 and perhaps even 4100. A bounce at 2110.70 would be an excellent entry point for opening long positions.

IC Trades are written by Investors Chronicle writers. City Trades are written by selected external contributors. Both are based on the interpretation of patterns on a share price chart, rather than on fundamental analysis of the company's business or prospects.

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