Cocoa (update)

Over the weekend, I posted "One area I will be looking closely at is between 1946 and 1918.  In it, there's a 261/361 Fib combo, a 78% retracement level, MS1 @ 1913, and the 361 Fib combo @ 1918.  If this zone doesn't hold, then I feel we will retest the recent lows.  So, for now I'd stay in the long position entered @ 1947.50 and look for another possible entry lower."  Today's low was 1934, which fell right in the middle of my potential support zone.  Buyers came in and pushed prices near the highs creating a piercing line candlestick, which could help trigger higher prices.  The recent sell off caused damage to the bullish case, but there's an opportunity for a low risk/high reward trade.  You could go long @ 1982, which is the 261 FIb combo.  Stops would be below the piercing line candle @ 1933 with a minimum target of 2080.  The target is right around a volume @ price resistance zone and just above the falling window.