Good morning and happy Monday,
Cloudy fall day here in the Northeast. Perfect for a 3rd cup, already.
Funds continued to buy this week, with short term players adding and longer-term players squaring up. All in all, funds bought about 29,000 lots this week, as aggressive as they have been in a long time. Origin, for the first time in the rally, started to be a little more aggressive with physical offers, especially Brazil where, adjusted for the currency prices are up nearly 15%.
Looking at the charts we see support in March around 1.08 and resistance at 1.1200. For right now support seems to be strong every time the market has tested support. The 20-day MA moved over the 200-day MA a bullish sign we don’t see a lot of. This doesn’t change the physical picture, except so far, the rising market has not drawn an awful lot of coffee to itself.
This will be a shorter blog posting today with the reminder that next week is Thanksgiving week here in the USA. We will be very short-staffed next week as will our partners at our logistical support. If there is anything you can move forward to this week, it’s probably a good idea. We have some lovely coffees in the warehouse we’d love to send you, you just have to ask.
Lets us know how we can assist.
The Armenia Team