Coffee may be crucial to your morning routine, yet being long it the past 6 months has been a painful experience.
Since last November, Coffee ETF (NYSE:JO) has lost over 25% of its value. Could this decline be presenting an opportunity? It's possible.
The large decline in JO over the past 6 months has it testing 2016 lows, where it finds itself near the apex of a bullish falling wedge at (1).
As this support test is taking place, coffee traders have a established a crowded trade, which in the past, has found coffee closer to a low than a high.