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I Am Bullish Cocoa Prices

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Cocoa Futures---Cocoa futures in the December contract settled last Friday at 2277 while currently trading at 2367 higher for the 3rd consecutive session hitting a 5 week high.

Fundamentally speaking cocoa futures are vulnerable to short-covering after last Friday's Commitment of Traders (COT) report showed that funds boosted their net-short positions by 5,219 contracts to 33,776 contracts, the most in 5 months. Another supportive factor for cocoa prices is crop concern in Ghana after a senior scientist at the Cocoa Research Institute of Ghana said last Friday that about 16% of the cocoa crops in Ghana, the world's 2nd largest cocoa producer is infected by the deadly swollen-shoot disease.

Cocoa futures are trading above their 20 day but still below their 100 day as I'm keeping a close eye on a bullish position on some type of pullback in next week's trade while placing the stop loss under the contract low as it certainly looks to me that cocoa prices have bottomed. If you take a look at the daily chart a possible rounding bottom chart pattern may have developed as that technical indicator is bullish.




If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit




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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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