Commerzbank forecast that a record coffee crop in Brazil next year, as predicted by many commentators, “will probably not be achieved… given hot and dry conditions after the flowering phase” which kicked in around September. Such a dynamic, “supported by reshuffling of positions on the part of short-term-oriented market participants, could cause a price surge”.
JO's Falling Wedge chart pattern began in late 2014 and is now nearing its apex. A break out above the down sloping long term trend line could set the stage for a move to $20.
Caution: This is a highly speculative trade as Jo is still in a well defined downtrend and prices could continue to drift lower. Conservative traders should wait for a break out on high volume before entering a position.
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JO's Falling Wedge chart pattern began in late 2014 and is now nearing its apex. A break out above the down sloping long term trend line could set the stage for a move to $20.
Caution: This is a highly speculative trade as Jo is still in a well defined downtrend and prices could continue to drift lower. Conservative traders should wait for a break out on high volume before entering a position.
If you enjoyed this commentary, please click "Like" and "Follow". Thx!
AlgoTrend Capital LLC