Will Coffee Fill The Price Gap At 109.40 ?

Coffee Futures---Coffee futures in the December contract finished down 125 points at 111.90 a pound as I still believe prices will fill the gap that was created on Monday between 109.40/110.45 as prices look to be overextended at this time.

The commodity markets were lower almost across-the-board as the stock market was sharply lower and I think that could bleed into tomorrow's trade & if your long a futures contract continue to place the stop loss under the 10 day low standing at 98.75 which is quite a distance away as coffee has had a terrific rally over the last couple weeks bouncing off of a 12 year low.

Prices are now trading above their 20 day while right at their 100 day moving average for the 1st time in months as the trend has turned higher, however at the current time I think prices are in overbought conditions as I certainly don't like price gaps as I believe they are filled 80% of the time as I would be surprised if that didn't happen again in this case.




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