Cocoa Futures--- Cocoa futures in the March contract are trading higher by 22 points currently at 1992 reversing some of the sharp declines that we witnessed in yesterday's trade as I have been recommending a bullish position over the last month from around the 1990 level if you took the trade place the stop loss under yesterday's low of 1953 as the chart structure is outstanding at the current time.
If you are not stopped out of cocoa today roll over into the May contract as expiration is almost upon us as cocoa prices have had a very difficult time crossing the 2070 level as at the current time we are in a directionless trade.
Cocoa prices are trading right at their 20 day moving average, but now below the 100 day, however I will not 2nd guess & will keep the proper stop loss & if we are stopped out we will look at other markets that are beginning to trend as the commodity markets have come to life in 2018 as the U.S economy & around the world are improving as growth is upon us for the 1st time in 10 years.
The soft commodity markets continue to move sideways to lower as I don't have any recommendations other than cocoa at the present time while keeping a close eye on the coffee market which is right near contract lows once again as I will write about the May contract tomorrow with the proper stop loss & if you have any questions feel free to contact me anytime.
CHART STRUCTURE: EXCELLENT
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