Cocoa daily chart forming a bullish hammer pattern, after hit the support at the bottom of the consolidation zone. If the daily hammer pattern confirmed I recommend to open long trade at market price, because i think it can go to February 2020 high price at 2900.
Trade at your own risk.
Please don't forget to like, follow, and comment, if you like my analysis.
Beginning of uptrend if channel breaks. Potential TP = height of broken channel, also retest of previous highs. Support seems to have been found at 50% fib retracement level. Tight SL below 2500. RSI indicator seems to back the upside
A possible long in Cocoa, after breaking from a downtrend channel (now retesting it) and finding support at the 50% fib retracement level, cocoa might yet again go higher to retest the 2700 key level or 2730 (projected height of the broken channel).
Cocoa's seasonality is somewhat against higher prices at least until February-March, so beware of the short term...
Cocoa is a buy at the moment but there are also short opportunities to be had once we reach the top.
Please note that this chart is an opinion based chart only. Please trade at your own risk
This is only a trading capability - no recommendation !!!
Buying/Selling or even only watching is always your own responsibility ...
.zip (with PDF`s) @ my Google Drive
In percents away from all-time high & low by last close (32 Commodities)
Best regards :)