Bearish configuration is expected on COCOA market.
Demand on commodities is being reduced by the FED (raise in interest rate).
N.B : Markets does not respond immediately to the raise of interest rate - SO BE CAREFFUL .
Hello traders, Everything is clear on the chart for you like always. Good luck. If you like the idea, do not forget to support with a like and follow me for next analysis :) Write your comment and opinion below to me.
On the daily graph, #CC is attempting a break-out from its mid-February downhill from 2800 down to 2250. It has tried monthly to break through that resistance (RED) and failed, it is now on 9th of august attempting yet again. However, this time it looks more supportive as its MACD has turned positive since mid-July and better buy volumes also. Its short term...
The picture below highlights major swing bottoms that all occured in July.
Years 2020 and 2021 clearly offered a phenomenal buying opportunity for long positions. Further back, in 2019, a major swing bottom has been locked in in August. In 2018, we got minor swing bottom in August as well, but the price came slightly below the level in October. That year, the...
Daily cocoa analysis
A long position with the target and stop loss as shown in the chart
The trend is up, after it breached the descending trend line, it came back to test the rising trend line from it, we may see a strong rise.
I will start with Base Support (SB) which in my last analysis I said: ‘Base Support SB at 2315 still holds, if this breaks next support would be around 2200 ($80q) followed by 2150.’
On July 1, the price of CC touched the base support level, and bounced back up only to fall on July 7th again and close the week on the SB level. This is clearly not a positive and...
Daily CC analysis
Sell trade with target and stop loss as shown in the chart
The trend is down, after it breached the ascending trend line, it came back to test the descending trend line from it. We may see a strong drop.
Cocoa remains under strong downward pressure since May. It has failed to break above slope D. The averages are also holding a downtrend. SB base support at 2315 still holds, if this breaks the next support would be around 2200 ($80q) followed by 2150. MACD is approaching its first bounce level of -40, could make an attempt higher. Keep this in sight. If this...