Chart of the day: Cocoa (NY) 13th December 2016. Off 37% from Nov’15 highs. Currently trading at 2148. With a possible large W. African crop causing poor fundamentals, funds dumping their long positions and extremely poor technicals, Cocoa looks set for further weakness? Monthly chart resistance at 1900 to the downside, then 1500 then 700? Not sure if this price fall will be reflected in the price of your Xmas chocolate though!
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Information provided by Stephen Hoad BA Hons, MSc, MSTA – full time trader, technical analyst and one of the UK’s leading trader trainers. Currently a lecturer for the Society of Technical Analysts.