Cocoa (CC) Gains for 8th Straight Day to New July High
Cocoa (CC) edged higher yesterday, forming its 8th straight green daily candle and closing near yesterday’s fresh intraday July high. Significantly, with CC gaining momentum in its bounce off the 7 month downchannel support (on the weekly chart), CC is highly likely to test the psychologically key 2500 whole figure level by mid August, with moderate odds of testing the weekly chart downchannel resistance by the end of August. CC is likely though, to first spend next week consolidating this week’s strong gains. Congratulations to readers who benefited 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, rallying or consolidating recent gains. I am flat after profitably closing longs yesterday although if I were flat, I’d look to go 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 ARABICA COFFEE, GOLD
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