Coffee Traders' Forum - A Discussion about Coffee Futures Trading
Coffee Traders Discussion Forum
The OI doesn’t give us a clue of what sector was responsible for yesterday’s drop. As a percentage of the volume traded the change is small indicating new vs. old. The net change does reflect what we have been seeing, fund covering and mostly commercial liquidation, but this change could have taken place before the drop. Today the market is searching to find itself, deciding if it is in a reversal or in recovery of a serious correction. It is steady after visiting both Juan’s and Nagual’s support areas and it feels like it wants to head back up. As usual the buyers will need to outpace the systems’ selling. The reversal for this group should be 132.50 to 133.00. USDBRL is 3.2568 -.0160.