On 11/28/12 the Power of the Pattern reflected that a bullish situation was taking place in Coffee as it was on a 7-year support line and only 15% of investors were bullish Coffee (see post here)
CLICK ON CHART TO ENLARGE
This updated chart of Coffee above reflects the early stages of a breakout of a bullish falling wedge are taking place. At the time of the last post only 14% of investors were bullish Coffee, now a few more bulls have come forward as sentiment readings stand at 24% bulls.
The table below is this weeks top performing assets (as of 2:09 PM EST) this afternoon, reflecting a decent move in Coffee is taking place.
CLICK ON TABLE TO ENLARGE
Last months post discussed that one of the largest short positions in years was in place in Coffee. A rally could really hurt the investors with this huge short position and possibly create a short squeeze!
The Pattern reflected that Coffee should “Perk” up one month ago and so far Coffee is acting well on this support line! The last post suggested to buy Coffee with a stop below the 7-year support line and nothing has changed.