I have analysed the Coffee ETN “JO.NYSE” in the past which had a bullish posture with a rounding bottom. Lets look at my favourite drink commodity Coffee this time.
When demand outstrips supply, even the upcoming US Election can not reverse or even halt the bullish stance with Coffee. A completed accumulation base, and off it went. Not looking back so far.
Did our charts tell us this ? My word they did in a timely manner.
I am not into trading commodities which I admit is a weakness or a missed opportunity in cases like this. An area which I will look at in the near future.
I will start with weekly line Chart of Coffee followed by PnF.
Both charts are courtesy of StockCharts.com with thanks.
Coffee Point & Figure Chart.
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