Bullish Speculators Go Cocoa Nuts!

Bullish speculators go Cocoa nuts! On a day when nearly every commodity was in the red, there was one bright spot -- Cocoa! September Cocoa closed at 16-month highs, as commodity funds continue to add to long positions. September Cocoa has closed higher the past six trading days since closing above the downtrend line formed from the January 18th highs. Traders noted a weakening U.S. Dollar and strong German Cocoa grind figures as supporting factors to the recent price surge. Technical traders will notice the increase in volume since the 6/28 breakout, which confirms the validity of the breakout to the upside. Support for September Cocoa is seen at the chart gap at 1619, with resistance at 1750. September Cocoa closed at 1729, up 19. Read More....