Wednesday, March 2, 2016 5:28 PM EDT
Coffee has become our top asset on our watchlist. After a very successful call on Freeport-McMoRan a couple of weeks ago, when shares were trading around 5.50 and today around 8.90, we are now on call for a similar move in coffee.
The daily chart looks like it will break out very, very soon. We expect this top happen in March or April the latest. Obviously, there is always a bearish scenario possible, but the selling pressure is largely over, as seen on the first chart. The confirmed breakout point is 1.20.
How high can coffee go? We believe this asset can easily test its 2014 breakdown level at 1.60. That is a 50% rally, which we deem very likely in the first half of 2016.
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