Yesterday at a glance: after ending Thursday at $2,437, the Cocoa future went up to $2,489 only to drop back, yet still traded well overall and closed at $2,484 per metric tonne yesterday.
Cocoa made an initial breakout above its 200 day Simple Moving Average at $2,454, a potential indicator of a newly emerging bullish phase. Crossed the $2,451 Fibonacci level, next level is at $2,558. Despite this, although CME Cocoa is appreciating today after rising as high as $2,489, price action is now slowing and consolidating around $8.5 below the $2,492.5 resistance level.
Overall, looking at the technical analysis landscape, it seems CME Cocoa might continue pointing upwards in the short term.
This rally in the Cocoa future's price coincides with other Softs as Coffee went up by 0.92% yesterday, and closed at $165.05.
While Cocoa is higher so far today, these Softs commodities are underperforming: Cotton lost 1.43% yesterday and closed at $81.34.
Having set a significant high of $2,821 2 months ago, the Cocoa future is trading 10.2% lower.