Bullish & Bearish cases for Cocoa
Updated
The GOAT thinks a confirmation above the drawn resistance line (a bit above the double-top) will send the cocoa to 15k (well at least I have an excuse not to buy any chocolate for my boys).
A Rejection at that level will send us down, possibly an M top kind of move.
RSI was in negative divergence territory but now shows a possible breakout... this makes things a bit biased toward the bull case
I personally am too afraid to go long at this level.
I have a sell stop order at around 11k... I rather wait and see how this plays out around that hypothetical resistance line.
A Rejection at that level will send us down, possibly an M top kind of move.
RSI was in negative divergence territory but now shows a possible breakout... this makes things a bit biased toward the bull case
I personally am too afraid to go long at this level.
I have a sell stop order at around 11k... I rather wait and see how this plays out around that hypothetical resistance line.
Note
The move above the resistance line was a fake and negated. I still have sell stop order at 11k. I hope it gets triggered soon :)Trade closed: target reached
I got my sell stop at 11k triggered and now I am out with a decent gain at 9k :D 
I am the defender of the retail against the wolves of the wall street
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