Cocoa Prices Break 4 Day Losing Streak

26 Oct in Blog, coffee futures, commodity trading, cotton futures, futures trading, Mike Seery, orange juice futures, seeryfutures, sugar futures

Cocoa Futures--- Cocoa futures in the December contract are breaking a 4 day losing streak currently trading higher by 24 points at 2102 retracing some of the recent gains this week due to profit taking.

Prices are still trading above their 20 and 100 day moving average as the trend remains higher as I have been recommending a bullish trade for the last month or so from around the 2010 level & then recommending to add to that position around 2140 & if you took that trade the stop loss remains at 2028, however in 2 trading days that will be raised to 2057 as the chart structure will start to improve on a daily basis therefore lowering the monetary risk.

Cocoa volatility is still relatively low just like all the commodity sectors are presently, but I still think we could crack the October 25th high of 2160 & then pass the 2200 level in the coming weeks ahead as we head into the strong demand season for chocolate so continue to stay long & continue to place the proper stop loss.

There are very few bullish trends out there except the stock market, copper, and the lumber market as cocoa continues to grind higher on a slow basis, but I still think there's room to run to the upside as the risk/reward are still in your favor.TREND---HIGHER---CHART STRUCTURE: IMPROVING---SOLID

 

 

 

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