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 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...
