Cocoa Prices Hit 17 Month Highs

Cocoa Futures--- Cocoa futures in the May contract have traded higher 7 out of the last 8 trading sessions up another 81 points this Monday afternoon at 2546 continuing its remarkable run to the upside as I still think higher prices are ahead.

Cocoa prices are now at a 17 month high & if you took the original recommendation several months ago around the 1990 level continue to place the stop loss under the 10 day low with remains of 2179, however that will start to improve tremendously on a daily basis as the monetary risk will be lowered as the chart structure will start to improve.

Cocoa by far is the strongest soft commodity & is my only recommendation at this time as prices are trading above their 20 and 100 day moving average as I still think 3000 is a real possibility in the coming weeks ahead as the volatility is starting to expand to the upside as the weather conditions West Africa remain hot and dry pushing prices higher on a daily basis.

At the current time there is a possibility that we are experiencing overbought conditions & if you look at the stochastic indicator and RSI they are both relatively high, however this trend is very strong to the upside, but I will not add any more contracts as the risk/reward is not your favor at this time so stay long as I still think there is room to run to the upside as there is no reason to be short this market at the current time.




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