Cocoa futures

Technical Analysis – Cocoa futures unable to jump above 38.2% Fibonacci; bullish move is expected

Posted on July 6, 2018 at 12:02 pm GMT

Cocoa futures for September delivery have reversed to the upside over the last three weeks after the rebound on the 2313 support. However, the price is still trading below the 38.2% Fibonacci retracement level of the upleg from 1796 to 2930 at 2500, which seems to be acting as a strong resistance barrier, setting the scene for a sideways move. Momentum indicators in the daily timeframe are currently moving near their neutral levels with weak momentum. Specifically, the RSI indicator is holding marginally below the 50 zone, while [..]

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