Cocoa (CC) Weekly Hammer Testing Key 2400 Level
Cocoa (CC) firmed Wednesday ahead of the US Thanksgiving holiday, trying to halt the strong profittaking last week near the psychologically key 2400 whole figure level and October high. Any break above downtrend resistance (on the 4hr chart) will likely be followed in the day or so after by a reclaiming of prior downchannel resistance (on the weekly chart) and the 38.2% Fib retrace of the February to September slide. Odds are decent for a retest of the 61.8% Fib and the November high ahead of the Xmas holiday lull. Congratulations to readers who benefited from the Aug 9, 2021 alert of CC’s increasing bounce momentum, and from the major trend reversal opportunity highlighted Jul 23, 2020 and again on Nov 13, 2020. The tiring weekly RSI and Stochastics are weighing on the still upsloping weekly MACD. 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, AUDUSD
Source: Interactive Brokers TWS
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.