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fredpui
Dec 16, 2020 2:38 AM

Cocoa touched on 50% and time balance  Long

Cocoa FuturesICEUS

Description

Cocoa touched on 50% retracement and 22 days up and 22 days down as on Dec 16, 2020

Should see it head up further .. target 3100.
Comments
SenorBurgales
Interesting that it did 22 days down and 22 up. Well spotted. Also share your positive view, although perhaps 3100 is too ambitious, there's a problematic resistance above, plus a descending trendline which has held up for years... will cocoa melt up and end years of decaying prices?
fredpui
@SenorBurgales, cocoa along with sugar and other soft commodities like wheat and corn should head up into early part of 2021. Inflation is coming.
SenorBurgales
@fredpui, I do agree in principle, I'm long soft commodities. Best of luck with your trades.
fredpui
@SenorBurgales thank you. Same to you. Merry Christmas
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