Noticed since the big 2018 Rally that Cocoa has been trading more Technical then Fundamental, long term Cocoa traders have also mentioned that Algos have been very involved in Soft's last couples year. Fundamentals look Bearish (Covid, La Niña considered favorable to Cocoa yields) Only Bullish input is money is flowing back into Commodities so I wouldn't expect huge price downside.
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Head and Shoulder pretty much competed, if we break 2350, downside target 2200-2000
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Still working its way down to 2200, ill be exiting my short there as a 200pts profit is 100% return on margin.