Coffee may a joy to drink in the morning, yet being long it the past 6-months, has been a painful experience!
Since last November, Coffee ETF (JO) has lost over 25% of its value. Could this decline be presenting an opportunity? Possible! Check out the chart of JO below
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The large decline in JO over the past 6 months has it testing 2016 lows, where it finds itself near the apex of a bullish falling wedge at (1).
As this support test is taking place, Coffee traders have a established a crowded trade, where in the past, Coffee was closer to a low than a high.
The Power of the Patterns shares these type of pattern opportunities each week in our Sectors report. If this type of pattern analysis is of interest to you, we would be honored if you were a Premium or Sectors Member.