Cocoa (CC) Breaks 4 Month Plus Uptrend Support

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Cocoa (CC) plunged almost 4% yesterday, confirming the break below a 4 month plus uptrend support (on the daily and weekly chart). After the massive rally off the January low, CC is due for more healthy profittaking towards the 38.2% Fib retrace of the 4 month plus ~1800-2900 rally in the next week or so. A larger 50% Fib retrace should not be ruled out and will likely (if reached) offer a strong support zone. The weekly, daily and 4hr RSI, Stochastics and MACD are toppish, sliding lower or consolidating recent losses. I am looking to enter short in the red zone (of the daily chart), targeting the green zone for Friday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I set my stops tighter).

Cocoa (CC) Weekly/Daily/4hr

CC (Cocoa) Technical Analysis

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