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Coffee Is Heating Up And Breaking Out

Published 05/28/2021, 01:07 PM
Updated 07/09/2023, 06:31 AM
JO
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JO Daily Chart.

Is coffee starting to heat up and percolate with other commodities? Looks like it!

This chart comes from Marketsmith.com reflecting iPath® Bloomberg Coffee Subindex Total Return(SM) ETN (NYSE:JO) looks to have formed a bullish ascending triangle of late at (1).

Two-thirds of the time markets break out of this pattern.

JO is experiencing a bullish breakout and now it is testing 2018 highs at (2).

If JO breaks above those highs, look for it to percolate much higher!

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