JO (coffee ETN) will be added as an Active Long Swing Trade idea at the open today as the entires on the official trade ideas are only during the regular trading session (9:30-4 pm EST). With that being said, it appears that coffee offers an objective entry or starter position here on this breakout above the bullish falling wedge on this 120-minute chart of /KC (coffee futures) following the divergent low.
KC 60m June 29th
I have a few things I need to take care of early today so I figured that I’d pass along the updated daily chart of JO (coffee ETN) in advance, along with price targets & suggested stop for those that might be interested in taking a full or starter position in the pre-market session although the official entry price will be today’s opening price. The first chart below is Friday’s chart highlighting the setup in advance, followed by today’s chart reflecting the premarket breakout.
JO daily June 26th.png
JO daily June 29th
The price targets for this trade are T1 at 32.77 & T2 at 35.33 with the potential for additional targets to be added, depending on how the charts of coffee develop going forward. The suggested stop is a daily close below 29.10. The suggested beta-adjusted position size for this trade is 1.0.