FTN Cocoa has more than doubled price in 3 weeksFTN Cocoa has more than doubled its price in 3 weeks.
The questions are
1. Is this sustainable
2. What is the catalyst for this accelerated rise
However, my thought is clear on the chart. A fall below those levels may push it lower. But if the momentum continues, we may see a continuous positive run.
Tradew ith care
FTNCOCOA trade ideas
FTNCOCOA FTN Cocoa Processors PlcFTN Cocoa Processors Plc price action just formed an inverse head and shoulders pattern.
Current price: 2.00 (at Neckline Resistance)
Investment buy reasons:
1. Notable higher highs created from 0.94 to 1.47
2. Current price is a low risk buy, as price action has retraced over 50% from all time high of 4.1
Profit taking areas if price action breaks neckline resistance: 2.97, 3.96
Note: This Analysis invalidates below. 1.47
Disclaimer:
This is for educational purposes only and does not constitute financial or investment advice. Always do your own research and consult with a professional before making any investment decisions.