Arabica coffee prices down 13 august 2015 : Arabica
coffee prices on ICE Futures US in New York Stock Exchange ended the
trade early this morning by posting a sharp slowdown (13/8). ICE arabica coffee futures prices reached the highest position in the three weeks later in mid-trade is that since July 20 last.
Arabica coffee prices was observed to decline sharply due to profit taking is done by traders. Commodity prices have experienced a condition oversold after three sessions rally reached more than 3 weeks later.
At the end of Thursday's trading early this morning arabica coffee prices weakened significantly. Arabica coffee prices for delivery in September which is the most active contract closed increased by 5.35 cents, equivalent to 3.90 percent at 1.3185 dollars per pound position.
Analyst Vibiz Research Center estimates that the price movement of Arabica coffee futures on ICE Futures US in New York at the next trade is still in the bearish pattern despite being weakened. Based on technical indicators, for the long-term commodity prices is still in bearish trend though for the short and medium term has revealed a potential bullish.
The price of Arabica coffee futures on ICE Futures US in New York has the potential to test the strong support level at 1.2712 dollar positions and 1.2500 dollar. While the level of resistance they will face an increase due to a rebound in a position 1.3505 dollar and 1.4042 dollar.
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