Cocoa has been trading on a multi-year Channel Up since May 2017 with the 1D chart trading near the overbought territory (RSI = 70.555, MACD = 51.220, Highs/Lows = 144.4643).
If the Channel stays intact then the price should pull back towards the 1D MA200 for a Higher Low near 2,365. If however it breaks as it did in March 2018 then it can easily reach 2,940 which is the 2 year high. We have identified 2,700 as this break out point. You may trade accordingly with a tight SL.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.