NEWS
Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Tue Jul 29, 2014 08:50 AM CDT

A look at its long-term monthly chart shows the cocoa market has been in a strong major uptrend dating back to its low of $1,983/ton at the end of December 2011. During the period of consolidation that followed, monthly stochastics established dual bullish crossovers at the end of February 2012 and June 2012, indicating the major trend was set to turn up.

Note that the initial rally took the spot-month contract to a test of resistance near $2,668, a price that marks the 38.2% retracement level of the previous major downtrend from $3,775 through the December 2011 low. This led ...

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