Cocoa made new lows on buying today and formed
a bullish engulfing candlestick pattern.
This is one day after forming a doji candle. This is also the same level we saw buyers
come in last week. Taken all together,
it’s a bullish sign. But we would want
to see some follow-through buying tomorrow.
We did manage to create some bullish divergence on the RSI with
yesterday’s new lows, which will be a great sign if it turns into a double
bottom pattern.
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