Cocoa Prices Stuck In A 6 Week Consolidation
Michael Seery of Seery Futures - - Thu Jul 12, 3:35PM CDT

Cocoa Futures--- Cocoa futures in the September contract are currently trading higher by 5 points at 2485 still stuck in a 6 week consolidation looking to break out to the upside in my opinion as I will keep a close eye on this market for a possible bullish recommendation soon.

The chart structure is improving on a daily basis as the breakout has to close above the June 25th high of 2562 & if that does occur I will be recommending a futures contract while then placing the stop loss under the 10 day low if that situation does arrive as an exit strategy.

Cocoa prices are trading slightly above their 20 but still below their 100 day moving average as the trend is mixed at the present time so be patient & wait for the breakout to happen before entering as trading in a consolidation is very frustrating as trend less markets are tough to trade successfully in my opinion.

Many of the commodity markets continue to decline on a daily basis due to the Trump tariff situation, however cocoa prices have retraced rather dramatically off their bullish trend they experienced earlier this year as it looks to me that a bottoming pattern has developed as the risk/reward could be in your favor in next week's trade.

Many of the commodities are trading higher today on a relief rally as they were pounded to the downside yesterday as I do think if the tariff situation comes out to be a positive fundamental indicator that would be bullish across the board, but it looks to me that this could take some time so look to play this to the upside.




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