CHART: This commodity is nearing a breakout

From Jeff Clark, Editor, Stansberry Short Report:

Don’t give up on coffee yet.

The price of coffee hasn’t moved much since I told you several weeks ago that it may finally be breaking out to the upside.

But if you take a closer look at its current setup, you can see that coffee still looks poised for big gains – possibly starting soon.

Let me explain…

Here’s a look at an updated chart of coffee prices…

After my essay in mid-March (shown by the red arrow), the price of coffee jumped about 10%. But it never made it up to my minimum target of $1.48. Instead, the price peaked at $1.35 and then started to slowly drift back down to where it sits today at $1.19.

The chart has support at about $1.15, so owning coffee at this level doesn’t carry much downside risk. But the chart setup isn’t especially bullish.

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