I see $200 as the likely next target. Will coffee follow suit of other commodities? It's monthly chart BTW.
it seems like supply vs demand has been rather stable, no major plant disease, weather ok and hence the price has been rather stable. coffee is very different from grain futures where the demand is > supply since Aug 2020.
I doubt it's any different at the moment, money is flowing into commodities as hedge against inflation, FED can't stop printing.
Whenever my wife or I have $2-4,000. to invest in our ROTH IRAs or our trust, we would buy 100 shares of JO (coffee) or SLV (silver) futures. We would then to a covered call just out of the money for as long as possible. Most of these get called away. We have a hard time finding places to "park" money for a few months or a year. JO has been good to us over the years. Even if it drops 10-20%, we can do another covered call when the old one expires. Boring income without doing a big play...
Wait until they come up with the finding that coffee can kill the covid-19 virus and any of its mutations. LOL
We do see 2 higher highs and 2 higher lows on your chart, and MACD is turning up, so maybe it is the beginning of a new trend. Or it could be a simple pullback and in that case watch out.
This is a classic trend reversal formation plus a strong April close above key averages. When you consider what's been happening to majority of other commodities, trend reversal is more likely outcome.
It could be my friend, and those two Three White Soldiers formations we see on your chart (a very bullish candlestick pattern indeed) are very convincing.