Cocoa Prices Hit 4 Year Lows

29 Jan in Blog, Cocoa futures, coffee futures, commodity trading, cotton futures, Mike Seery, orange juice futures, seeryfutures, sugar futures

Cocoa Futures--- Cocoa futures in the March contract settled last Friday in New York at 2140 while currently trading at 2095 down about 45 points for the trading week hitting a 4 year low continuing its remarkable trend to the downside is I am not involved in this market as I missed this move as I'm currently kicking myself.

If you are short a futures contract I would place my stop loss above the 10 day high which stands at 2258 still risking about $1,600 per contract from today's price levels as this trend continues to get stronger on a weekly basis which has been remarkable in my opinion as prices are still trading far below their 20 and 100 day moving average telling you that this trend is strong to the downside.

This is a perfect example why you don't try to pick tops or bottoms because you don't know how far prices can go as trading with the path of least resistance is the successful way to trade in my opinion. Cocoa prices were this low in May 2012 and then retested the 2000 level again in March 2013 as we are at multi-year support as I still think prices are getting very cheap, but I will wait for the chart structure to improve and wait for some type of trend to the upside before entering into a bullish position as prices still look to head lower.TREND: –LOWER--CHART STRUCTURE: IMPROVING

 

 

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