Cocoa (CC) gained more than 1.5% yesterday, closing near the December high and decisively above the psychologically key 2500 whole figure level. Significantly, CC has arguably broken triangle resistance (on the daily chart), and has re-entered the upchannel (on the weekly chart). If CC can close going into 2022 above the 50% Fib Retrace of the October to December slide, upward momentum will likely take CC back to the November high in the week after. 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 looking 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). Hope you’re enjoying the holiday season and have a fantastic 2022 ahead!
Sample of Today’s Top 3 Trades Available to Free Subscribers (published Apr 14, 2021)
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