Cocoa futures monthly demand in control, long opportunities. Going short with monthly demand level in control is very risky and low odds. Very strong monthly demand created with proximal line at 1995. New daily demand zones being created, not yet available. Longer term long bias with this monthly demand zone in control.
Cocoa (CC1!) is on a very aggressive long term Channel Down on 1W (RSI = 37.498, MACD = -53.170, Highs/Lows = -176.9286, B/BP = -379.8580) and is currently also trending lower on the latest 1D bearish leg, equally as aggressive (STOCH = 21.862, Williams = -90.823). This is the third leg downwards on this Channel Down and based on the previous two it should reach a ...
Lester Davids, our Trading Desk analyst, is bullish on sugar over the medium term, but in the short term there may have a potential short/sell.
Interesting that all the softs (except wheat) have all moved together. Possibly look to accumulate a basket of softs on a bit of a pull back.