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Good day, folks. Today we’re taking a look at coffee and we’re taking a look at the march coffee right now. And you can see here on this chart is historical price average chart on a 515 and 30 are historical price basis that we are at a period of the year where the market tends to top out, you can see think you can see right here in the middle to late October periods right here, we kind of peak out here on the five and the 15 and the 30 year, and then typically head lower all the way into January and February of the next of the following year. So if we take a look at the ETF, JO is ETF that tracks coffee, we’ve been in a pretty solid uptrend here, you know, going back all the way to July of this year. And we had just kind of completed a really nice little breakout pattern from this triangle here on the pullback to the trend line. And we are in the middle of trying to complete the profit objective, which is simply the width of that base, which would take it up here to around 63 or so in j Oh, now looking at the actual coffee futures chart and see we’ve got a monthly, weekly and daily here. And if we pull up the monthly, we are in an area that that could cause this market to pause a bit further up. We’ve got some structure all the way up here at the 265 areas, there’s not a market that we want to fade quite yet there are some supply chain issues mostly coming out of Brazil, which is one of the key producers now although we had a lot of rain there in Brazil that have put some pressure that has put pressure on coffee, a lot of the growers or the producers there are holding out for higher prices amid surging labor and fertilizer costs. So coffee markets here in addition to commodities in general have been on a tear. So it is a market that we would consider shorting with caution. We’re not quite there yet, we just want to keep in mind that historically over these averages, prices tend to trade to the downside. And considering the move that we’ve had since July, we could pull back here in the near future so we’ll keep this one on the watch list.
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