Cocoa Prices Look to Head Even Higher

Cocoa Futures--- Cocoa futures in the May contract finished up only 2 points this Wednesday afternoon in New York in a very quiet trading session settling at 2443 as I still remain bullish as I have been recommending a bullish trade from the 1990 level over the last several months and if you took the trade the stop loss remains at 2150.

The chart structure will improve tremendously as in Friday's trade that will be raised to 2160 and in Mondays trade will be also be raised to 2179 as the chart structure will improve on a daily basis therefore lowering the monetary risk as cocoa prices remain at a 15 month high as I still remain bullish as I see no reason to sell at this time.

Cocoa prices are trading far above their 20 and 100 day moving average as clearly this is the strongest trend out of the soft commodities which is also my only recommendation at this time as I still think there's a possibility we could retest the 2600/2700 level & if that is broken look for the 3000 level to be touched in the next several weeks as hot and dry conditions in West Africa are spurring this market to the upside.

If you have been reading my previous blogs you understand that I'm very bullish the commodity markets & all asset classes pretty much at this time as economic growth is finally upon us after the last decade of extreme regulations as that has now finally been relinquished as higher prices are ahead in my opinion.

TREND: ---HIGHER

CHART STRUCTURE: POOR

VOLATILITY---HIGH

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