Stable at $2,352 and still trending upwards, Today's session might suggest a slow down — Cocoa trades at $2,352 per metric tonne, after ending yesterday at $2,348.
United States ADP Nonfarm Employment Change (Oct) is next.
This uncertain state for CME Cocoa is reflected by published market data as United States JOLTs Job Openings (Sep) released yesterday at 14:00 UTC with a figure of 10.72 million, while the previous figure was 10.28 million. United States ISM Manufacturing PMI (Oct) came out at 50.2, while a consensus of analysts was expecting 50. United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -6.53 million, while the previous figure was 4.52 million.
Trend-following investors 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. According to asset volatility analysis, CME Cocoa's upper Bollinger Band® is at $2,404.68, suggesting that a downward move may follow.
Notwithstanding CME Cocoa's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Meanwhile, mixed performances are seen in other Softs as Cotton is up 2.44%.
Moreover, United States Crude Oil Inventories expected to decline to 367,000 while its preceding data was 2.59 million, data will be available today at 14:30 UTC. United States Interest Rate is expected today at 18:00 UTC. United States ADP Nonfarm Employment Change (Oct) scheduled to come out today at 12:15 UTC.
Cocoa hit a significant low of $2,211.5 around a month ago, but has since recovered 6.17%.