Cocoa Still Poised To Resume Downtrend?
Each evening we
focus on the most interesting aspects for the upcoming
trading day. The comments are based on observations of the
nightly updates of the Futures and Market Bias pages. They
are provided for educational purposes only and are not
intended to be direct trading advice. Also, keep in mind
that these remarks are made up to 12 hours in advance of the
market’s opening. Therefore, overnight events may alter the
outcome of these observations.
March cocoa
(
CCH1 |
Quote |
Chart |
News |
PowerRating), mentioned recently, still looks like it has the
potential to resume its longer-term downtrend. Continue
to look for a shorting opportunity here.face=”Arial, Helvetica”>
January soybeans
(
SF1 |
Quote |
Chart |
News |
PowerRating) has formed a big-picture cup
pattern and is beginning to form a handle. Look for a buying opportunity here.
Looking Ahead
The crude
complex, especially unleaded, continues to implode. There may be shorting
opportunities here on the first pullback from lows.
Best of luck with
your trading on Wednesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!