Cocoa coming from the Ivory Coast

ICEUSA:CCZ2013   Cocoa
199 10 1
Normally these types of patterns lead to big moves. I call them 'overfalls'. The price moved up to the up sloping median line as a reaction to weather concerns (dry weather) in Ivory Coats but then found resistance (2500 level approx). From the 08Aug to the 30Aug 2013 the price has been in consolidation moving just above the 20EMA and forming a regular 'floor'. Final brake out to the downside happened on the 30Aug13. Price projection is towards the up-sloping lower parallel where another swing up is expected. The final target is around 2200 ( trendline ). Commercial traders are net short 64000 contracts at the moment which is quite an extreme position. Similar shorts were only seen in early May13 (previous high)
LEONES ozatrading
interesting red fat candles! 2600 sell could be a good short entry but friday price action is not convincing, it went too high. I would like to see another higher high and then pullback
LEONES ozatrading
good to short it now!
looks like short now
LEONES ozatrading
yes could be, you are right, below today low could be a good entry point. I need to think about it during the we
IVORY COAST - FPI bounces back (find this news!)
LEONES ozatrading
The ruling Ivorian Popular Front (FPI) in Ivory Coast came to power after disputed elections in 2000. now they have some problems with leaders. that causes cocoa prices to jump. remember 2010-11 when cocoa prices were 3500. cuz of the political regime problems,.
stopped, cocoa turned higher today
I agree with bearish scenario.
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