JO has decisively broken out

I talked about JO, the coffee ETF, a couple of months ago around $19, expecting it would break out soon. My timing was certainly off as I was a bit early and JO instead went down first to below $18. But in the past 2-3 weeks, JO has done just as I expected and jumped high significantly. It has went up to $20.5, which has decisively broken out its downward trend line. I think this move is likely real in changing the bearish trend of JO in the past couple of years and may trigger a start of an uptrend. In the very near term, though, JO is a bit overbought and will likely come down to test its support. If it can stand firmly at its support around $19 and resume its up movement, we may see a good upside for JO in the months ahead.