Cocoa broke out of
a symmetrical triangle pattern to the downside today. It's not surprising considering we had 3
small body candles 3 of the 4 previous days.
The market ran out of steam just below my 2197 to 2237 resistance zone
shown below. The downside target on the
triangle pattern is ~ 2065. That would
still be above a 50% retracement from the recent low, so the uptrend is still
intact. There's a volume @ price support
zone between 1995 and 2025. I would like
this level to hold, otherwise the recent rally could be in jeopardy.
Tuesday, March 28, 2017
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