The invisible hand, through a series of bullish setups as far back as early November on the possibility of shrinking cocoa supplies, has finally generated an up impulse. The impulse, illustrated by a fresh X stack, will slowly turn the chasers into buyers of strength rather than sellers of weakness (chart).
Fresh buying, however, has yet to reverse profit-taking/consolidation. Resumption of the 2013 mark up phase still requires an upside breakout of the -67° and -45° trendlines from the September high (chart). Traders will be watching to see if declines are meet with accumulation or distribution. The former supports continuation and resumption of mark up phase, while the later does not.
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Cocoa Generates New Impulse Wave
Published 12/10/2014, 01:14 PM
Updated 07/09/2023, 06:31 AM
Cocoa Generates New Impulse Wave
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