COCOA is sideways for the last 10 years and seems like it will stay like that. Hello traders! Today we will talk about Cocoa and its price action from Elliott Wave perspective. Well, looking at the longer-term weekly chart, we can see Cocoa moving sideways for the last 10 years in the 3700 – 1700 range, ideally within a bigger bearish triangle pattern in wave...
Cocoa has been up since March, and this week it tried to break out of three MAs(13, 50, 200) and failed. In the ST, it is not bullish. But when you look at the COT positions, Money Managers are net short(long 42%, short 58%). This is constructive. It could retest Lower TL again, or go straight up.
-The market is in a critical position. a front of a very important support of (2412) -For now there is a big probablity that the market can return tested (2374) -But if ever it break the resistance with power the market will go to (2465)
We can see on the COCOA daily chart a bullish pattern called "Cup and Handle", when this pattern is break up (with a big green candle and a big volume) there is a good long signal with an interesting RR ratio. I will keep an eye on this chart !
Enter on the retest of the trendline on bearish price action.Chart illustrates this well.
Dates in the future with the highest probability for price direction reversals
Cocoa Futures showing some signs of rejection at relevant area of Resistance. Also note that climatic volume which makes me think that there may be selling pressure. 3D chart.
Wyckoff phases for Inverse Cocoa weekly ,this study is the piece of a puzzle, this piece is saying that the short trend of the inverse of the Cocoa is over and we are in the initial phase of a future trend long, clearly for the future Cocoa it is the opposite, if this study It is correct, if other research confirms it, the future of Cocoa is a down trend for years .
While you’re enjoying the summer sun and clear skies back in SA paradise… I’m afraid I’m not. I’m trying to keep warm sitting inside a local restaurant in Greece with a cup of hot chocolate while I search for my next trade. And surprise, surprise, cocoa popped up on my radar… Here are three reasons why I’m buying cocoa and where I expect it to head next. ...
Cocoa has been trading on a multi-year Channel Up since May 2017 with the 1D chart trading near the overbought territory (RSI = 70.555, MACD = 51.220, Highs/Lows = 144.4643). If the Channel stays intact then the price should pull back towards the 1D MA200 for a Higher Low near 2,365. If however it breaks as it did in March 2018 then it can easily reach 2,940...
Cocoa Long - Risk Reward 2:20 Cocoa is trading below the long term weekly trend, with strong selling pressure forcing it below the expected RSI and BBands for its current bull cycle. Trade with tight stop on bottom of cyclical trend reversal. Entry price range: 1.9 - 2.0 Exit price range: 2.26 - 2.35
Cocoa is a buy at the moment but there are also short opportunities to be had once we reach the top. DISCLAIMER Please note that this chart is an opinion based chart only. Please trade at your own risk
Cocoa is currently trading on a 1D Channel Down (MACD = -26.310, Highs/Lows = -32.7143, B/BP = -53.5400) about to price its Lower Low. We have a pending short order on the 3rd estimated Lower High, which based on the previous channel's should be printed. TP = 2100. ** If you like our free content follow our profile (www.tradingview.com) to get more daily...