Cocoa Daily Nov 8, 2023

New York Cocoa (CC) slid more than 0.5% yesterday on healthy profittaking after reaching a fresh 2023 intraday and record high (as can be seen easier on a monthly chart on tradingview.com). CC’s first red weekly candle in 6 weeks has been rejected at upchannel resistance (on the weekly chart), suggesting deeper consolidation going into mid month particularly with how overbought CC is on the monthly chart…

Cocoa Daily Nov 7, 2023

New York Cocoa (CC) edged higher yesterday, closing at a fresh 2023 and record high (as can be seen easier on a monthly chart on tradingview.com). With CC struggling though to produce a 6th straight green weekly candle, odds are elevated for healthy profittaking to kick in this week particularly with how overbought CC is on the monthly chart…

Cocoa Daily Nov 6, 2023

New York Cocoa (CC) surged nearly 1% Friday, closing at a fresh 2023 and record high (as can be seen easier on a monthly chart on tradingview.com). With the 6th straight green weekly candle, odds are elevated for healthy profittaking to kick in this week particularly with how overbought CC is on the monthly chart…