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Cocoa Prices Hit 8 Week Highs


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Cocoa Futures--- Cocoa prices rallied sharply this Tuesday afternoon in New York up another 45 points at 2082 as I have been recommending a bullish position from around the 2010 level & if you took that trade continue to place the stop loss below the 10 day low which stands at 1960 as that will not improve for another week or so you will have to except the monetary risk.

Prices look to retest the August 1st high of 2116 in my opinion & if the August high is broken I think we will retest and break June 13th high of 2127 as I still think prices are headed higher as we are trading far above our 20 and 100 day moving average and as I have talked about in many previous blogs we are entering the strong demand season for chocolate consumption as that's why I think higher prices are ahead coupled with the fact that technically speaking the risk/reward are in your favor so continue to play this to the upside in my opinion.

Cocoa is the only soft commodity recommendation I have at the present time as the rest of the sector remains choppy or weak, but remember cocoa is grown in the Ivory Coast of West Africa & is a completely different commodity from the rest which are generally grown in the country of Brazil and if any type of unrest comes out of those unstable countries look out to the upside in my opinion.TREND: HIGHERCHART STRUCTURE: SOLID

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-312-224-8140 I will be more than happy to help you with your trading or visit www.seeryfutures.com

Skype Address: mseery TWITTER---@seeryfutures

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Email: mseery@seeryfutures.com

If youre looking to open a Trading Account click on this link www.admis.com

There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.



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About the author


Michael is the sole owner of SEERYFUTURES.COM which is a commodity futures and options consulting, advisory, and educational firm.

Michael frequently appears on multiple business networks including Bloomberg News, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He also writes market commentary for several commodity websites and is interviewed for commodity comments by the Wall Street Journal. He is also a guest on First Business, which is a national and internationally syndicated business show.
 
Michael started his career in 1990 at the Chicago Board of Trade as a runner. He soon worked his way up to becoming a Series 3 broker. He works with seasoned traders as well as novice beginners educating them on trading the futures markets as well as using simple and complex option strategies. Michael covers all markets including grains, metals, energies, and all other futures markets that are traded.
 
To Michael the biggest lesson any trader needs to learn is risk management. Michael believes this is the most important factor in trading. He also works with traders to help them determine the proper risk for their trading style. Michael has spent a lot of time educating his clients to help them understand trading strategies and trading techniques while enjoying spending quality time with customers going over the markets or just talking general trading philosophies.

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