After closing the previous trading day at $2,616, Cocoa is up to $2,675 per metric tonne, which makes for a move of 2.26%/$59 today.
The Cocoa future is currently trading at $2,675 following the release of Building Permits (Feb) data from the United States.
Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Cocoa's lower Bollinger Band® is at $2,653.79, indicating that the market is oversold and fertile for new buyers.
All in all, the technical analysis suggests the Cocoa future has no clear-cut direction.
This rally in CME Cocoa's price coincides with other Softs as having closed the previous session at $172.6, Coffee is up 4.52% today to currently trade at around $180.4. Sugar is up 0.88%.
While the Cocoa future is appreciating, other Softs are comparatively not doing so well — Cotton draws back 1.57% to trade around $77.87.
Over the past 15 days, Cocoa has retreated 8.31% from a noteworthy peak of $2,853.