During my scans this morning I came upon this beauty which I had forgotten about: $JO. The Coffee ETF looks to be setting up perfectly for a trade from the long side.
The falling wedge has been setting up for over a year and we are starting to see relative strength tick up once again. It is trading at a discount to its NAV and is coming into an oversold zone from a technical perspective. We are closing in on lows we haven’t seen in… ever.
From a risk / reward perspective I like it right here right now. Don’t look for it to be a blazing fast mover, but something to tuck away and likely be handsomely rewarded by being patient.
Back with more soon.
OC