Cocoa futures prices have rallied sharply over the past year.
And the rally has really heated up over the past 3 months.
Today we look at a “monthly” chart of Cocoa to highlight this rare and sharp rally.
As you can see, hot Cocoa has gained 100% quickly after breaking out of a 23-year sideways trading pattern. The strong rally has it testing its 261% fibonacci extension level this month.
What this pattern looks like in a week (end of month) could be important to several markets! Stay tuned!
Cocoa Futures Prices “monthly” Chart
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The author may have a position in mentioned securities. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
