JO (the UBS Coffee Total Return Sub Index ETF) will be added as a Active Long Trade here at current levels.  As coffee prices are still firmly entrenched in a powerful bear market that has cut prices by a third since the April 2011 peak, an entry at current levels should be considered an aggressive, counter-trend trade.  Also note that JO is still with a steep falling wedge/contracting channel pattern as shown on the 60 minute chart below.  More conventional/conservative trades might prefer to wait for a break above the 60 minute downtrend line for a buy signal/entry on the trade.  The first target is 21.55 with the second and current final target at 22.92 (with these suggested targets placed slightly below the resistance levels of 21.60 and 23.00 respectively).  JO (and spot coffee prices, for those who prefer to trade futures) has the potential to morph into a longer-term swing/trend trade should prices find support here around the 1.00 level, as is my expectation & primary reason for entering this trade in anticipation of an upside break of the 60 minute pattern on JO.  Therefore, additional targets may be added to this trade before the current final target is hit.  The $COFFEE weekly & JO 60 minute charts below:

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