I’m passing this along as an unofficial trade idea for now although I’ve included some rough price targets, objective entry, & suggested stop below. JO (coffee ETN) appears to have come full circle following the recent rally up to T3 followed by the bearish rising wedge breakdown & ~20% correction back to the former T1 (now support) level. As such, JO offers an objective long entry here with a stop somewhat below the recent lows.
JO daily Sept 30th
Likewise, /KC (coffee futures) offers an objective long entry here following the recent bullish falling wedge breakout & successful (so far) defense of the 1.0860 support level with a stop somewhat below the recent lows. The first target (unadjusted/actual resistance level) is 1.1494 with a potential second target around 1.2400. Assuming this trade isn’t stopped out before then & depending on how the charts of coffee develop going forward, additional targets may be added.
KC 120m Sept 30th