Cocoa Futures---Cocoa futures in the December contract is trading higher for the 8th consecutive session after settling last Friday at 2337 while currently trading at 2473 up around 136 points for the trading week as prices have now hit a 7 week high.
At the present time I am not involved, but I do have a bullish bias to the upside as I am certainly not recommending any type of bearish position as that would be counter-trend as I think prices will test the contract high which was hit on July 8th at 2606 in the coming weeks ahead.
I will be looking at a bullish position on some type of price decline therefor the monetary risk would be lowered coupled with the fact that the risk/reward would be more in your favor so be patient as I think we're starting to experience overbought conditions.
Cocoa prices are trading above their 20 & 100 day moving average as fundamentally speaking the latest leg higher in cocoa prices was fueled by Wednesday's report from Reuters that the Ivory Coast and Ghana are considering an output ceiling on cocoa production to support prices and discourage overproduction.
CHART STRUCTURE: POOR
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