Coffee has made an impulsive breakout above the small bullish falling wedge pattern that was highlighted here in Wednesday’s video, sparking the 4%+ rally in the JO (coffee ETN) official long trade today while taking /KC (coffee futures) up to the 1.0165 target/resistance level. Updated 60-minute chart of /KC below.
Likewise, JO is rallying over 4% today following the breakout above the small bullish falling wedge that comes on the heels of the breakout above the much larger bullish falling wedge pattern on the daily chart.