Cocoa, Oil Vulnerable

• April 2, 2001
• Marc Dupee

Marc Dupee will be out of the
office until April 9. In his absence this column is being written by
TradersWire’s Duke Heberlein.

Cocoa
(
CCK1 |
Quote |
Chart |
News |
PowerRating), from the Momentum-5
List, appears to be breaking down from a mini inverted head and shoulders.
Keep an eye out for a failure out of this normally bullish pattern, as many
times they will trigger a massive slide.

 

 

Pork bellies
(
PBK1 |
Quote |
Chart |
News |
PowerRating) continue to
be driven higher due to foot-and-mouth-disease fears, gapping higher out of a
flag pattern.

 

 

Finally, crude oil
(
CLK1 |
Quote |
Chart |
News |
PowerRating)
appears to be consolidating for another probe lower, heading for a possible
retest of the December/January lows.