COCOA has been in a consolidation pattern for multiple years now. Testing lower side of the pattern and upper side, now it's in a very confined range and the upper/lower resistance/support line are coming to agreement. It is trading above resistance now and this would make an ideal long-entry when buying the pullback on the now broken resistance line around 2675~2750. Targets are 4130 ~ 4670.
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Big picture on CACOA
Trade active
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Up 24% since entry so far.
Trade closed manually
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Local top could be in for next few weeks. Looking for new formations. Good time to exit.
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Don't know what to say about CACOA ... It just keeps going strong, the targets from those R:R boxes were calculated on the range expansion based on the triangle width. Too early to short it, or play with options which can be interesting too. Price between 6400 ~ 7700 seems realistic for now.
@420snoop, Yeah.. Wonder if weather patterns are encoded in price-charts. Somehow that would make sense, if the harvests start to become more difficult by the years. If this really plays out, then must be some damaging results to those areas that are the main exporters of cacoa.