After cocoa broke the downward trend channel a few weeks ago, we have seen it break to the upside from 3100 to 3330.
Upside target/resistance levels:
- previous high around 3400
- Upper Bollinger Bands
- the 20 day MA is just below the 50 day MA, but hasn't crossed yet.
Noteworthy:
- As of today, we made a new high, but RSI and Stochastik haven't made a high, so a divergence is forming here.
- Also the Z15/H16 future spread is softer at +12 from last couple weeks high at +16
Seems like a little more upside left for now, but resistance mounting
Upside target/resistance levels:
- previous high around 3400
- Upper Bollinger Bands
- the 20 day MA is just below the 50 day MA, but hasn't crossed yet.
Noteworthy:
- As of today, we made a new high, but RSI and Stochastik haven't made a high, so a divergence is forming here.
- Also the Z15/H16 future spread is softer at +12 from last couple weeks high at +16
Seems like a little more upside left for now, but resistance mounting
