Coffee prices have been falling for years, but this banal observation conceals a more interesting point. Coffee is typical of those agricultural commodities that 'bump along the bottom' in a jagged pattern which has a fairly flat base and peaks of various heights. Prices are at or near that base now.
Prices have just made bottom extensions at monthly, weekly and daily scales. The daily scale extensions occurred several days ago and the price rallied from those signals. That same level is being tested again now and so this looks like a good place to try and buy some, if only for a decent bounce:
All signals courtesy of software supplied by our friends at Parallax Financial Research www.pfr.com