Cocoa (CC) Bouncing Off Weekly Chart Upchannel Support
Cocoa (CC) rallied another near 1% yesterday, forming a 4th straight green daily candle and is suddenly back to near the November high. Significantly, although CC may consolidate today yesterday’s recapture of the 38.2% Fib retrace of the September to November slide, CC is arguably extending a major upchannel (on the weekly chart). Odds are fairly high for CC to further its near 2 week rally to the 50% Fib by next week sometime. Congratulations to readers who benefited from the Aug 9th alert of CC’s increasing bounce momentum, and from the major trend reversal opportunity highlighted Jul 23, 2020 and again on Nov 13th. The weekly and daily RSI, Stochastics and MACD are bottomish or rallying. I am long as of yesterday at 2590 although if I were flat, I’d look to enter long in the green zone (of the daily chart), targeting the red zone for Thursday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).
Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)
Disclosure: Interactive Brokers
Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.
This material is from Tradable Patterns and is being posted with permission from Tradable Patterns . The views expressed in this material are solely those of the author and/or Tradable Patterns and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
In accordance with EU regulation: The statements in this document shall not be considered as an objective or independent explanation of the matters. Please note that this document (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and (b) is not subject to any prohibition on dealing ahead of the dissemination or publication of investment research.
Any trading symbols displayed are for illustrative purposes only and are not intended to portray recommendations.
Disclosure: Futures Trading
Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures, please read the CFTC Risk Disclosure. A copy and additional information are available at ibkr.com.