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Monday, July 03, 2006

Coffee Percolates

Coffee Percolates: September Coffee futures were up again today on continued short-covering as it looked like traders weren't going to take a break for the holiday, when the market gapped .70 higher to open at 102.50. It continued to rally to a high of 104.75 just eclipsing first resistance at 104.65. All the action was in the first hour as the high and low of the day was logged. The market then settled into a two-way trade as traders squared up and left early to extend the holiday. The next resistance point is now 107.40, but we need to take out the spike high of 105.90 before we can talk about the 107 handle. The Coffee market will be closed tomorrow and will reopen Wednesday 7/5. September Coffee futures closed at 103.50, up 2.40 for the session. Alan Shaults XPRESSTRADE analyst Read More....