Commodity most use daily, is attempting a breakout above this bullish falling wedge today…

 CLICK ON CHART TO ENLARGE

Coffee futures have been down hard over the past 18 months, losing 50% in value! This decline has created a large short position in Coffee and very few bulls (16%).

A further rally in Coffee futures could help push JO higher. Last week Coffee create a large bullish wick at a 7-year support line.  Premium & Sector/Commodity Sentiment Extreme members are playing this position with a stop below the 7-year support line in Coffee futures.

Over the past few months Coffee has been creating a bullish falling wedge, suggesting a two-thirds odds of a rally.  The small rally in price the past couple of days has created a small breakout of this multi-month falling wedge.

 

 

Comments are closed.