This is a sample of Brian’s email newsletter, The Cullen Outlook.
This is from the Formation Finder portion from May 12th.
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We have been following along with this contract (4/27 & 5/5) and those that are involved will want to check in on their positions this morning. We are approaching an important level here…
If you are involved in straight futures…it is time to update your stops. Look at just above the overnight high as a idea.
If you chose to use put options to engage, check in on current prices at some point today.
This 3060 level will be VERY key. Cocoa was able to find a bit of support earlier in the week but that is being tested again right now! See the chart below and look at the room left to run if support here does not hold.
Have a look:
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