Happy Monday and what has been a roller coaster ride for the end of 2019 has continued through the end of last week.
Short term players used the light holiday volume to hold key support near 1.2500 in March and coffee got a bit of a Santa Claus rally. They continued to hold and expand on their gains towards the end of the week on what started as light volume but improved as the week went on.
The COT, delayed due to the holidays will only be released this afternoon post close. We’re expecting to see that the spec continued to add to an already long position. We see support at 1.25 as above and overhead resistance at 135 then the recent 1.4245 high.
Our offices will be closed for the New Year’s holiday on Wednesday and we will be short staffed on Tuesday, New Year’s Eve. Warehouses will be closed both days, and logistics will be tough all week. Please keep it in mind.
As we come to the beginning of the 2020 New Year’s holiday, let’s say a prayer for peace and good health for all our friends around the world. That’s the beauty of coffee, it makes friends everywhere it goes – everywhere there is coffee, there is friendship.
We’d love to help any way we can considering the challenges of the week. If we can be of help, please let us know.
The Armenia Team