We saw continued bullish momentum today and
reached the overall sym triangle target of 2047. Cocoa also just reached the 50 DMA, but
closed below it. That’s not surprising,
as it has not closed above it since Aug 26th, 2016. The monthly R1 is right in the same spot, so
this level could prove tough to overcome.
If it does, it could be a significant turning point. Finally, if we get a close above 2060, then
we have a confirmed double bottom pattern.
Stops should be placed ~ 1940.
The minimum target is @ 2190 (78%) and the overall target is @ 2234
(100%).
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