Coffee; Potential reversal wick at triple support

Coffee has been pretty ice cold since November of 2016, as its lost nearly a third of its value. Could this large 6-month decline turn into an opportunity? Below looks at Coffee ETF (JO) over the past few years.

Coffee (JO) Weekly Kimble Charting Solutions

CLICK ON CHART TO ENLARGE

The decline over the past 6-months in JO, has it testing triple support last week at (1). While at this potential support zone, JO attempted to create a bullish wick (reversal pattern) last week at (1). Bullish sentiment towards coffee has declined along with the price over the past 6-months, to the 29% level.

The trend in Coffee (JO) remains down, as it has created a series of lower highs for years. One weeks reversal action does not prove that a trend reversal is in play. The first step towards proving that a trend reversal could be in play, would be an overhead breakout at (2).

 

Send me an email to review a
complimentary copy of my  
Weekly
Sector/Commodity Research
 that provides weekly
pattern analysis and actionable ideas


Website: KIMBLECHARTINGSOLUTIONS.COM

Blog:  http://ift.tt/2nMNRyT

 

Questions: Email services@kimblechartingsolutions.com or call us toll free 877-721-7217 international 714-941-9381

via http://ift.tt/2pnmE9B kimblecharting

Leave a Reply

Your email address will not be published. Required fields are marked *