Coffee JO nice VCP Triangle breakoutsSome nice VCP / Saucer Handle patterns on JO as it continues to climb higher.
Watch for a break higher if it can chew through 67 zone resistance
Break lower out of triangle / trendline support invalidates long idea.
On a macro level we're seeing bullish setups in AG complex (coffee , rice, wheat, corn, soybeans, etc.) , coupled with inflation coffee should run.
Personally I've noticed my local coffee shops also charging $1 per cold brew which supports the bull case.
JO
JO Fibonacci SetupThis 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.
Caffeine Rush! | Coffee Futures - Short Idea for JO Taking a page from Lumber futures back in May, coffee is the latest commodity to party like it's tech circa '99. I don't trade the "softs," but I did find a coffee ETN symbol: JO and may look to fade the caffeine rush when the extreme sell condition cools off. Hot coffee! DOn't get burned. :)
Coffee has taken a dive, now looks ready to rally againPost 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 risk-on, and dollar-down environment, coffee should be supported moving forward. This sell-off is overdone, and other soft commods such as Cocoa and Sugar have performed splendidly in recent weeks. There is no reason for Coffee not to do the same. I am targeting new near term highs, and a 141% extension from the previous rally off the lows.
Double Espresso - Coffee Trade for Serious ProfitCoffee has enjoyed a nice 5 wave bull impulse mirroring the start of its sister wave (A). After the 98.40 gap fill (likely just prior to the July 31 FOMC), purchase December 2019 OTM Call Options (expiring November 8 2019).
Coffee watch for a potential reversalSeems like there is huge monthly divergence and also showing weekly divergence so far. Daily seen big volume.
Look out for potential reversal pattern.
JO Analysis (Pennant Forming)Some chart analysis of JO... Short term supports and resistances as well as long term trend shown.
JO: Gigantic double bottom in CoffeeThis can be a long term bottom for Coffee. I will be entering longs on Monday.
The monthly chart indicates this could be a gigantic double bottom at play.
CoT data is interesting, with large speculators going flat...
I expect the low printed here to hold, if we break this week's high it'll trigger a rally.
Good luck,
Ivan Labrie.
JO: Potential Double Bottom w/ Bullish Crab and DivergenceI would first like to give credit to @IvanLabrie for finding this potential double bottom -- his original idea is linked below.
In addition to the potential double bottom I found this potential Bullish Crab. The 1.618 XA extension for this pattern is 17.06 -- 6 cents above the previous low of $17 last February. At the moment there is also a slight bullish divergence in the RSI on the daily chart.
I will be watching for the opportunity to buy in the low $17 area confirmed by price action at the PRZ of this pattern as well as the RSI. This pattern will be invalidated if the price exceeds a 2.0 XA extension, which is just below $16.
JO Do it againSeems like I've pulled the trigger a bit earlier. I will give it another try. Breaking the light blue line would be the first meaningful confirmation.
Possible Long Coffee Play - Sip some JOA long play based on divergence only, both RSI and MACD. Seasonal coffee chart shows a probable up thrust in January. GL
Coffe could be found it's multi year higher low?Coffe could be found it's multi year higher low? Will see...
At the moment it could be a leading diagonal in wave 1 (primary) or A and a zig-zag in wave 2 or B... or it's just 2/A in wave 2 or B/A ...
(Didin't posted my original idea here (3 month ago.... wave 5, intermediate level), but my target was $26 in JO)
Coffee -- trying to catch )This time, after a good sell, technical side is showing some signals for long opportunity.
Position is open from 154,6-155,4 levels; stop below lows (154).
Will closely watch for a next couple of days to get confirmation or denial.
COFFEE NEARING BUY POINTTarget the $20-20.50 buy zone with prior pivot tops, pivot lows and rising daily trendline providing support. Definitely in oversold territory down here.
First Target would be $22.50
RunningAlpha.com Capital Upgrades $JO to Strong Conviction BuyRunning Alpha Sentiment Intelligence is currently indicating that the Coffee market is turning the corner iminently -- look for a massive rally from here into 2017. Nominated for the 2016 Benzinga Fintech Awards this May in New York City, RunningAlpha is dedicated to providing actionable intelligence.
Which reversal pattern will Prevail ??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??
