After closing the previous trading day at $2,564, the Cocoa future is up to $2,630 per metric tonne, which makes for a move of 2.57%/$66 today.
Trend-focused traders would be interested to note that the MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $2,640.76, thereby suggesting that the Cocoa future is becoming overvalued.
Overall, the technical outlook suggests the Cocoa future is likely to remain muted for the immediate future, with no clear-cut direction.
Rallies can also be seen in other Softs, Coffee increases 1.72% to trade around $177.75.
While Cocoa is higher so far today, these Softs commodities are underperforming: after ending today's session at $20.04, Sugar lost 28 cents and is trading around $19.76.
Also worthy of note, United States Consumer Price Index figure is projected at 0.5%. It previously stood at 0.1%; data will be released tomorrow at 13:30 UTC. United States Consumer Price Index figure is projected at 6.2%. It previously stood at 6.4%; data will be released tomorrow at 13:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 13:30 UTC.
Trading mostly sideways for a month. Cocoa has recovered 15.94% since descending to a significant low of $2,211.5 around 4 months ago.