After climbing 18% in the last 60 days cocoa prices have consolidated in recent weeks just under the $2500 level in December futures. I am operating under the influence that an interim top has been established on 8/20 at $2547 or $100 above current trade. I am expecting a challenge of the up sloping trend […]
First let’s address the move in cocoa today…that had futures higher by 3.19% and intra-day trading to their highest levels in three months. Last week one can see that we found support at the 20 day MA (light blue line) as futures danced that line for five sessions before the acceleration today. Weather related news […]
Cocoa futures have traded to a 5 week high after data was released yesterday on NA grinding numbers. Second quarter cocoa grindings far exceeded the market’s expectations with an 11.8% jump…far above estimates that came in at 3-5%. A bullish number in Europe, NA and Asia all seeing year-on-year increases in Q2 in spite of […]
Cocoa has been kind to speculators of late as we we’re fortunate to catch a few trades. Will three times be a charm? From here it appears prices could be headed south. In the previous two weeks September futures bounced off the 61.8% Fibonacci levels gaining eight consecutive days’ elevating futures 8%. Today will likely […]
