Quick chart for my followers, cocoa to go long, if you have been following my other publishes then you would understand my chart without yellow full details, there may be further downtrend on the bottom yellow line but overall cocoa is on the uptrend as it has hit top yellow line.
Top yellow line at 2051
Bottom yellow line at 1800
Please study your indicators...
Cocoa appears to have completed a multi-year correction in May 2017 to 1792 in the form of WXY; could be a great buy with a stop loss below that point.
There was a very big starting wedge for wave 1, followed by a complex WXY for what could be wave 2...Cocoa might already be in the next impulsive move towards new highs
Cocoa is at a heavy resistance now, 2443. Will it go Short or long?
Price is exactly between two fibonacci resistances now; 2524 and 2368. I think price will bounce between these two before it breaks long or short.
When it breaks the long resistance 2524, I see a target of 2674. When it breaks low; target 2153.
Most difficult part are the exact positions where...
Cocoa is at a heavy resistance now, 2443. Will it go Short or long?
Price is exactly between two fibonacci resistances now; 2524 and 2368. I think price will bounce between these two before it breaks long or short.
When it breaks the long resistance 2524, I see a target of 2674. When it breaks low; target 2153.
Most difficult part are the exact positions where...
Cocoa is building a base since March of this year. Eventually it looks like it wants to get it on and move to higher levels.
The price projection symmetry on the monthly provided good enough support and we see signs that this base is finally over and the next leg higher has already started.
Based solely on technicals , COCOA has a minimum 100-200 upside from...
This has broken from the very protracted downtrend and bottoming over the last 12 months. You can now see two horizontal lines of resistance - one of which the price is currently sat at - we also have a parallel channel on the RSI which I think needs to break.
To my eye we need to see to move above $2100 and we should be in for a long hold and run.
Cocoa has hit levels which has previously proven to be support levels in 2011/12 and again in 2013. I believe that this may be the turning point for the cocoa price, after a rough 2016 with a 32% decline. If the support level is broken, though, it's probably wiser to open a short position.
What's interesting is that the short interest in cocoa is very high, and...
