This is very much in the same boat as Coffee - out of season, increasingly negative fundamentals, etc.. (Now, even cocoa brokers are entertaining each other tall tales, trying to pass the time and in an attempt to reinvigorate the business. Yeah, how could that not work?! ... ;-)
A resumption of a U NYSE:D rally, at any point, will put a further lid on this one...
Prices have been in a squeeze for a very long time ...
The last days of this scramble will be like the middle of June. Prices will probably decide which way to go by this date, Up or down?
In this sense; It is worth watching the 1840-1890 band for prices that are supported by the 50-day exponential average. However, we would expect prices to hold on to 1690 and...
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
