March Cocoa closed up $14 at $2,914 a ton yesterday. Prices closed near mid-range and hit a contract high. The cocoa bulls have the solid overall near-term technical advantage. There are no early technical clues to suggest a market top is close at hand. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at $3,000. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $2,750. First resistance is seen at today’s contract high of $2,947 and then at $2,975. First support is seen at today’s low of $2,890 and then at $2,859.
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There is a risk of loss in futures trading. Past performance is not necessarily indicative of future results. The use of a stop loss order may not necessarily limit your loss to the intended amount. You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources.