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Coffee's Trend Remains Negative

By Chris KimbleStock MarketsMay 01, 2017 10:04AM ET
www.investing.com/analysis/coffee;-potential-reversal-wick-at-triple-support-200186259
Coffee's Trend Remains Negative
By Chris Kimble   |  May 01, 2017 10:04AM ET
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Coffee has been ice cold since November of 2016, losing nearly a third of its value. Could this large 6-month decline turn into an opportunity? Below looks at Coffee ETF (NYSE:JO) over the past few years.

Weekly Coffee ETF
Weekly Coffee ETF

JO's 6-month decline had it testing triple support last week at (1). While at this potential support zone, JO attempted to create a bullish wick (reversal pattern) last week at (1). Bullish sentiment toward coffee has declined along with the price over the past 6 months, to the 29% level.

The trend in coffee remains down, as it has created a series of lower highs for years. One week's reversal action does not prove that a trend reversal is in play. The first step toward proving that a trend reversal is in play would be an overhead breakout at (2).

Coffee's Trend Remains Negative
 

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Coffee's Trend Remains Negative

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