Cocoa (update)

It's been a few days since my last post, so let's catch up in this market.  We found support last Monday and Tuesday at the 20 DMA and got a nice bounce Tuesday off this level closing back above the 10 DMA.  We stayed above the 10 DMA on Wednesday and Thursday, but got no follow through buying as a piercing line candle formed on Thursday.  We closed back below the 10 DMA on Friday, but found support yet again at the 20 DMA.  This market is currently grinding sideways before it makes its next move higher or lower.  This downside pattern is still intact, but is voided if it takes out the 5/21 high @ 3181 after 6/11.  The 20 DMA is currently the next level of support needed to be taken out in order to see more downside action.