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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
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Dots

...If the dots don't connect, gather more dots until they do...

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Thursday, June 06, 2013

Chocolate "Fix" Takes on a Whole New Meaning...

This (Canadian) news headline appeared today (you can read the article at this link):


Volume in the July Cocoa futures contract spiked in today's continued rally from the past few days up to a 50% Fibonacci retracement level, as shown on the Daily chart below.

At the moment, price is still subject to a bearish influence of a moving average "Death Cross" formation, as well as a confluence of this Fib level with a downtrend line and the upper Bollinger Band. A break and hold above this confluence resistance, followed by a rally with conviction may, ultimately, reverse this formation to a bullish "Golden Cross."