Grains ETN Poised for More Upside

The big picture of the iPath Dow Jones UBS Grains ETN (JJG) remains poised for upside continuation off of the October 4 low at 41.95. This is provided the price structure can hurdle and sustain above October resistance at 46.77/80, which should trigger follow through towards 49.00-50.00 thereafter.

At this juncture, only a decline that breaks the Nov 1 pullback low at 44.21 will compromise the timing of the next powerful up-leg.

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