aravindran1

Which reversal pattern will Prevail ??

AMEX:JO   IPATH BLOOMBERG COFFEE SUBINDEX TOTAL RETURN ETN
Looking at JO the recent strength in looks super bullish . Eventhough im proposing the alternate idea of a double top, I still think the bullish trend is intact. However, i can't help but to think about the downside risk. I believe coffee             needs to consolidate, either though price ( a sell off) or through time (sideways movement.) I don't feel comfortable going either long or short. The risk- reward does not look appealing. Even if we retrace to the 0.618 level, the chart would still be bullish long-term and it would present a better risk to reward ratio. Although a breakout entry above 42.00 does look like an aggressive and tempting opportunity. I'm staying away from this trade. There are better opportunities out there. Just interesting to ponder which way its gonna play??

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Mojo31
2 years ago
Ton of resistance coming up soon and 200 SMA looms overhead around $44.25
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