How low can your morning cup of coffee go?

Market Pulse: March 19

May 2012 coffee opened last week at 185.70 and closed at 182.35. Looking at the daily chart below you see that coffee is in a very strong trend with ADX at 59. MACD is riding below the signal line dropping divergence and Stochastics have been oversold since mid February. Price action looks to be rounding just above 180. You can see on the chart exactly when Trends in Futures recommended a short.

On the weekly chart you can see ADX is also show a very strong trend at 50. Weekly Stochastics are in deep oversold territory.
 

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