Wednesday, March 15, 2017

Cocoa (update)

The monthly R1 and the 50 DMA did prove to be resistance today as expected.  The good news is that it did not reject strongly from it.  Let's see if it can overcome them tomorrow and make a push higher towards that falling window pattern.   Also, we didn't close above 2060, so our double bottom pattern failed to confirm today.  Maybe it will tomorrow.  Stops should be placed ~ 1940.  The minimum target is @ 2190 (78%) and the overall target is @ 2234 (100%).


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