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!