Monday, March 13, 2017

Cocoa (update)

Today was a good day for my bullish case.  We had a MM breakout, although with a deep retracement.  I’d prefer neutral or better.  We also had confirmation of a symmetrical triangle pattern.  Entry price was @ 1948 with stops @ 1881.  Minimum target was @ 2022, which we reached today.  Complete target is @ 2047.  We also had the engulfing candle pattern entry on March 3rd.  Finally, prices also closed above the 20 DMA and monthly pivot point for the 1st time since Feb 16th.  The 10 DMA served as downside support.  The next upside obstacles are the 50 DMA, monthly pivot, a 261 Fib projection, and a falling window.


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