Short term long - broke out and retested downwards channel

14 Ara 2020

A possible long in Cocoa, after breaking from a downtrend channel (now retesting it) and finding support at the 50% fib retracement level, cocoa might yet again go higher to retest the 2700 key level or 2730 (projected height of the broken channel).

Cocoa's seasonality is somewhat against higher prices at least until February-March, so beware of the short term perspective. Also, a weaker dollar is bullish for commodities like Cocoa.