Small gain for CME Cocoa at $2,466 per metric tonne after ranging between $2,442 and $2,453 today.
United States Existing Home Sales (Oct) is next today at 15:00 UTC.
This move comes while some more positive signs for CME Cocoa are out as United States Initial Jobless Claims beat analyst expectations of 225,000 and the previous reading of 226,000 with new data of 222,000.
Meanwhile, United States Philadelphia Fed Manufacturing Index (Nov) came out at -19.4, while a consensus of analysts was expecting -6.2. United States Building Permits (Oct) released yesterday at 13:30 UTC with a figure of 1.53 million, while the previous figure was 1.56 million.
Technical chart analysis shows Cocoa is $9 away from testing key resistance at $2,475. Peaking above this level could inspire market bulls and open the path to further gains. Trend-following investors would be interested to note that CME Cocoa made an initial breakout above its 200 day Simple Moving Average at $2,459.43, a potential indicator of a newly emerging bullish phase. Crossed the $2,451 Fibonacci level, next level is at $2,558.
All in all, the technical analysis suggests CME Cocoa has no clear-cut direction.
This rally in Cocoa's price coincides with other Softs as Coffee is up 3.41%.
Though Cocoa is going up, other Softs are underperforming — Cotton decreases 2.93% to trade around $84.49.
Also worthy of note, United States Existing Home Sales (Oct) is expected today at 15:00 UTC.
The Cocoa future hit a significant low of $2,211.5 around a month ago, but has since recovered 9.79%.