Though in the midst of an 11 day uptrend, gaining a total of 13.63%, ($24.6), Yesterday's session suggests run might be coming to an end — ICE Coffee ended yesterday at $192.95 per pound following from closing Thursday at $194.4. Overall, this represents a loss of $1.45 or 0.75%.
Data from United States concerning Core Retail Sales was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 0% to -0.8% this month. United States Retail Sales fell short of the -0.4% projections, with new data of -1%.
Meanwhile, United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -307,600, while the previous figure was -321,500.
Trend and momentum analysis indicates that investors are seeking long positions as Coffee price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Yesterday's price action generated a Japanese candlestick pattern showing 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Asset volatility analysis shows that Coffee's upper Bollinger Band® is at $194.94 which indicates a further downward move may follow.
Overall, while ICE Coffee has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
The Coffee future's value drop coincided with the fact that after ending yesterday's session at $2,915, Cocoa lost $26 and is trading around $2,889.
Though the Coffee future has been dropping, other Softs have been performing better: Sugar moves up 0.43% yesterday and closed at $23.39.
ICE Coffee hit a significant low of $151.1 around 2 months ago, but has since recovered 28.66%.
