Coffee - Fresh buy signal
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Coffee futures rallied today (2/28) approaching recent highs put in last week as the U.S. Dollar Index declined.
Today's rally for May coffee gives me a buy signal on the daily chart. Today's buy signal comes after some seemingly nice consolidation last week and the trend is up for coffee on the weekly and monthly charts.
The March U.S. Dollar Index issued a sell signal today on the daily chart. A weak dollar tends to support commodity prices.
Anticipation of tight short-term supplies may support coffee prices further at least in the near future.
To review what I consider a "buy signal" watch Larry Baer's Traditional Trending Strategy Video: http://www.youtube.com/watch?v=iro7sFQRG5k
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