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WEAT (wheat) & JO (coffee) Updates

I've had a couple inquires in the trading room for updates on the WEAT Active Trade as well as JO (Coffee ETF), which was mentioned as poised to break out of a bullish falling wedge pattern in the recent 2017 Agricultural Commodities Outlook post. (that wedge was shown on the chart of $COFFEE)

WEAT has moved steadily higher since breaking out above the bullish falling wedge pattern, easily taking out the R1 resistance level. Barring the typical counter-trend pullbacks along the way (likely at the initial target levels), my expectation is for a continued move to at least the T3 level in the coming weeks/months.

WEAT daily Jan 9th

WEAT daily Jan 9th

JO (coffee ETF), while not yet an official trade idea, recently broke out of the bullish falling wedge (shown on $COFFEE in the recent 2017 Ag Commodities Outlook) and has run into the first target/resistance level at 20.70. My expectation is for a continued move higher towards the 23.30 area the coming weeks or months.

JO daily Jan 9th

JO daily Jan 9th

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3 Comments

  1. Dazi January 9, 2017 5:11 pm at 5:11 pm

    Appreciate this update [per usual], Randy, just the kind of nitty-gritty I need to hear. I bought a little at 6.90 and have a gtc order for 7.65, while monitoring daily.

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  2. joefriday January 9, 2017 5:53 pm at 5:53 pm

    I continue to accumulate WEAT… IMHO it’s over $9+ by June..

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  3. jegersmart January 10, 2017 5:22 am at 5:22 am

    $9? Its under $1 now?

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