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Cocoa (CC) Consolidating Just Below Fresh 2021 High

By:

CFA, Founder Tradable Patterns

Cocoa (CC) Consolidating Just Below Fresh 2021 High

Cocoa (CC) consolidated a 2nd straight day yesterday after forming a fresh 2021 high Tuesday.  Significantly, CC has been extending its Bull Flag (on the weekly chart) from near the psychologically key 2600 whole figure level and prior downchannel resistance (on the weekly chart), with bulls increasingly eyeing the 2020 high formed in February by year end.  The bigger picture is that CC has been in a wide sideways range between 1700 and 2900 since 2017, and is bumping up against the 50% Fib retrace of the slide from the 2011 high to the 2017 low.  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 bottoming, rallying or consolidating recent gains.  I am looking 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)…Click here for analysis on COTTON, S&P500

Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)

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