At the beginning of the month, the Power of the Pattern shared that Coffee was testing long-term support, as it was at the apex of a bullish falling wedge, with momentum deeply oversold and commercial hedgers were betting big time it would rally.
In the past when this setup was in play, Coffee rallied more than 50% in a short time period at each (1). Since that post, Coffee has been one of the best-performing commodities on the planet (BJO up 15% in 19-days)!
Joe Friday Just The Facts-Coffee is now working on a breakout above resistance and is moving above its 50, 100 & 200-day moving averages at (2).
Full disclosure- Members have been long Coffee for a few weeks. If Commodity setups like this opportunity are of interest to you, our Sectors/Commodities Sentiment extreme newsletter would be of benefit to you!