While the Cocoa future is on a 3 day uptrend Today's session might suggest a slow down — the Cocoa future trades at $2,613 per metric tonne, after ending yesterday at $2,614.
United States Initial Jobless Claims is next today at 13:30 UTC.
This uncertain state for the Cocoa future is reflected by published market data as following a previous reading of 4.14 million, Crude Oil Inventories in United States released yesterday at 15:30 UTC fell short of the 2.46 million figure expected by analysts with an actual reading of 2.42 million. United States 10-Year Note Auction released yesterday at 18:01 UTC with a figure of 3.613, while the previous figure was 3.575. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 1 million, while the previous figure was 2.31 million.
Cocoa's upper Bollinger Band® is at $2,667, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests CME Cocoa is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Softs as Cotton climbs 0.64% to trade around $85.92. Sugar skyrockets 8.1% to trade around $21.48.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 190,000 from the preceding figure of 183,000.
The commodity has been trending lower for about 30 days. The Cocoa future hit a significant low of $2,211.5 around 4 months ago, but has since recovered 18.2%.