Cocoa (update)

Dollar weakness on Friday may have helped prop up Cocoa prices.  We got a pretty nice rally closing a tick above the 10 DMA.  There’s also a potential symmetrical triangle pattern forming, but it could either be a continuous pattern or a reversal pattern.  If we get a breakout to the upside, then it will be a reversal pattern.  This could be the trigger to jumpstart a bigger rally, so there will be a chance to add to our bullish position.  You would enter @ 1948 with stops @ 1881.  Finally, the latest COT report shows large traders holding record longs.  That’s a bullish indicator.  We must see some follow through buying early next week to gain upside momentum.