Cocoa is facing a strong supportIt is worth taking a look at cocoa. The price is approaching an important support at 1800. In addition, the CoT Report indicates rising prices.
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Futuresmarket
Head and Shoulders Formation in Natural GasLooking at the 1D chart for Natural Gas Futures, right about now you can see the formation of a head and shoulders. The left shoulder and the head are already formed, now it's just a matter of seeing where the right shoulder goes. I remain neutral on this setup because I am waiting on an inflection movement either up or down.
If it breaks the resistance from the left shoulder, Natural Gas Futures could test the highs of the the head (around 4.00). However, if it breaks down at this resistance level, I would then go short with a stop loss at 3.35 after seeing confirmation of downward trend. Then, for my profit target, I would look at first taking profits in 2.80, and then set my next profit target for 2.60.
All the best,
RC
