Cocoa Nears Bearish ABCD Pattern
What goes up, must come down. Cocoa has seen a huge run-up in prices triggered on the fundamentals side. However, a move below 6990 BEFORE a move above 7951 would trigger two ABCD technical patterns with shallow retracements making them bearish. They would create two minimum downside target zones. The first between 5898 and 5526. The second between 4600 and 3611. Watch this market over the next couple days.
On the date of publication, Thomas Bills did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
