After a few false starts (false breakouts) recently, JO (Coffee ETF) has finally made a solid breakout & will likely see the 25.90 in the coming weeks. Any decent pullback might offer an objective long entry. The 23.94ish area may possibly act as resistance, especially if tests that level soon before any pullback to work off the near-term overbought conditions.
JO daily Aug 12th
Coffee has fallen off my radar after the recent failed breakout but was brought to my attention by a follower of RSOTC last night (thanks J.C.). As JO has moved up sharply over the last couple of days since breaking above the bullish falling wedge pattern and closed about 70 cents below a mild-to-moderate resistance level yesterday, my preferred would be to wait for a pullback before establishing anything more than a fractional position at this time. JO won’t be added as an Active Trade at this time but I did want to highlight the recent breakout as well as my price targets (which are the same as the recent failed long trade on JO).
$COFFEE daily Aug 12th
The chart above is the daily chart of $COFFEE (spot coffee prices). A link to the live, annotated chart of $COFFEE is also available from the Live Charts page or can be viewed by clicking here. $COFFEE is an end-of-day (EOD) chart, meaning that prices are only updated once per day.