The price moved above the 200 day moving average last night and closed at a higher level. The candle itself is not that bullish but certainly the steady manner in which the move was made is a positive and I’m inclined to believe we might be looking at a bullish outcome given how flat the 200 day moving average line is coming into this. In other words it won’t take too many more up days before the 200 day moving average is pointing higher and the price is above the average, all of which would be a bullish scenario.
Obviously I’m a bigger picture bull on the commodities markets in general and a weaker US dollar will assist prices in moving higher. I’ll be looking to go long cocoa from the open of the market 2nd February U.S. time