This speed resistance fan has been very well respected. If price doesn't make a higher high, I would expect a re-test of previous resistance at $58 which is also .5 fib retracement, a fresh daily level, and an old weekly level. Would potentially trade up to 1:1 extension.
JO is breaking out of small bullish falling wedge. It was objective to enter the trade as it was falling onto pretty good support at $35.25ish. Looking for follow though green candle tomorrow. $38.80 would be next stop and hopefully to take out top of trading range at $40.70. As you see, JO trades to the technicals pretty well. So, I hope it will be a good trade.
Coffee ETF is back to the previous Gapping zone and Last Friday closed with an Engulfing Candle.
This showing the Bull is rejecting the lower price from Here.
Enter Such a Trade with Small STOP (Risk) and Eyeing Target of 2x, 3x or even more is possible.
All Trade only with the Price Fall into the the ZONE of Play..
Remember Trading is All about 3 thing :
Coffee ETF here. I seldom look at coffee, but it came to my attention on an interesting day.
Up over 5.5% on the day. I understand it's very "shorted". I expect a retracement back down to at least test the prior highs around $31.50 and daily downtrend line.
This is based on my dowsing and intuitive methods. It will be interesting to see if the trendline holds and...
? Right today or wrong tomorrow....;-)
Just broke .786 so likely headed to 1.27 fib (1,3,5). I've been bearish Coffee and have another chart taking Coffee lower....but I see this hitting target area today.
If it goes lower tomorrow, I'm wrong and I'll move on....., but % is in my favor to try this at target area. (1.27 & 1.61 coming together) ...
Post the sugar-rush of speculative buyers, the commodity sold off heavily, gapping through a short term uptrend-line. Now the commodity, represented by the ETF JO, looks to be stabilizing at the 38.2% Fibonacci level from the Dec 13 high. Moreover, we see a cluster of moving averages, including the 200day Exponential Moving Average at this level. Given the current...
Here i provide you a simple analysis describing iPathA Series B Bloomberg Coffee Subindex Total Return ETN (JO) using three indicators.
As i took long position as shown in the analysis, i made a brief plan concerning my expectations for the future price of the index using RSI , MACD and BB indicator.
Between the two parallel red lines on the top, it is considered...