CME Cocoa is rallying again to $2,521 per metric tonne (up $35), after erasing earlier gains.
- United States EIA Short-Term Energy Outlook is next today at 17:00 UTC.
- Today’s gains are adding to CME Cocoa’s a 9 day bullish trend, during which it gained a total of $208.
Technical analysis of CME Cocoa before data is released:
Visual analysis of CME Cocoa’s chart shows that Cocoa is $19.67 away from testing key resistance at $2,540.67. Peaking above this level could inspire market bulls and open the path to further gains. Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that the Cocoa future’s upper Bollinger Band® is at $2,483.25, this is a slight indication of a slowdown.
Notwithstanding Cocoa’s appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Coming up for the Cocoa future — United States Crude Oil Inventories is projected to outperform its last figure with 1.1 million. It previously stood at -3.12 million; data will be released tomorrow at 15:30 UTC. United States EIA Short-Term Energy Outlook is scheduled for today at 17:00 UTC.
As the markets get ready for more data to be released — Cotton is up 3.37%. Coffee goes down 2.35% to trade around $162.15. Sugar gained 1.12% and is currently trading at $18.89.
Cocoa is now trading 12.41% above the significant low ($2,211.5) it slumped to a month ago.