I like the idea of selling this market here, near 5.25 or better. We have been range bound on the chart over the past few months.
Markets to Watch
This market had a nice run from roughly 31.00 to 33.00 over the past 2 weeks. The market looks to be turning over after fighting with the recent highs of 33.00 the past 4 days.
As we start to see a hooking pattern develop in this market, I like the idea of buying this market here. The risk will be just under last week’s low to see if we get the bounce we are looking for.
I am looking for this triple bottom to hold once again while risking 1.50 just under the most recent low points.
Down over $100 in the past 7 weeks, Gold is finally seeing a bounce that has my attention.
Interesting price action today. This morning at about 5am the market broke below the trendline.
Are we seeing another Bear Flag in the Cocoa market?
I sent out a Market To Watch late Friday afternoon mentioning the possibility of some downside pressure. We are open for the week now and I like the idea of getting short at this point.
We saw a nice rally recently from sub-3.00 and it was rejected at old 340.0 support levels…
December Cocoa is back at old levels of support here.