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Cocoa Has A Bullish Pennant Flag Formation


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Cocoa Futures--- Cocoa futures in the December contract are up 23 points at 2117 creating a bullish pennant flag on the daily chart & if you look at some of my previous blogs I describe exactly what type of technical indicator that is as I still remain bullish cocoa prices.

Cocoa is still trading above its 20 and 100 day moving average as the trend is higher, but for the bullish momentum to truly continue we have to break the October 25th high of 2160 which is still about 40 points away as I was recommending a bullish position originally from 2010 then recommending to add another position around 2145 & if you took those trades continue to place the stop loss under the 2 week low standing at 2064 at the present time.

Volatility in cocoa just like many of the other commodity markets is very low as currently we just are grinding higher on a daily and weekly basis as I don't think that's going to continue much longer, however the risk/reward are still in your favor as the stop loss is only about 50 points away as well as the chart structure is outstanding at the present time.

If prices do crack 2160 I will be looking at adding another position as adding to winners and getting out of the losers is the way to trade over the long haul in my opinion.TREND: HIGHERCHART STRUCTURE: EXCELLENT

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

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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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