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TK0421

COCOA is tapping on the resistance of recent trading range

Long
TK0421 Updated   
AMEX:NIB   None
Trend Analysis Chart Patterns Technical Indicators cocoa Commodities commodity commoditytrading longsetup agricultural diversification
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trendanalysis chartpattern indicator cocoa commodities commodity commoditytrading longsetup agricultural diversification
NIB (cocoa ETN) is pushing against the top of the trading range. Cocoa has been consolidating for around two month now. Since I am long term bullish on agricultural commodities such as cocoa, if/when the top of the range is taken out, I expect quick run up as most of these commodities tend to have unidirectional run. First target is $32.80 range and next is the yellow down trend line. When and if that trend line is taken, I expect bigger upward move.

Have a good trade everyone,

T.
Comment:
Very impulsive break out of the recent trading range.
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