A look at this coffee daily chart is giving another counter-trend buy signal in a choppy market.
Based on my research, coffee has not been able to establish a longer-term trend up or down on the daily chart since it came out of a super trend to the down side back in March. Although the King's Cross buy and sell signals have had some success (see chart below) Today's King's Cross buy signal will probably fail before coffee gets to 143.00 vs. July contract and may not even take out 138.00. I think this will soon be another selling opportunity. I will be looking for a formation that suggests a topping. The weekly chart gave a sell signal last week and my research shows coffee on a longer term down trend I show support at 118.20