Cocoa futures find support at 2334.00

Cocoa previously reversed up from the support level 2334.00 (which has been reversing the price from last November) – standing close to the lower daily Bollinger Band and the major multi-month support level 2315.00. The price earlier reversed up from the same support level 2334.00 creating the daily Piercing Line Japanese candlesticks reversal pattern – highlighted below. With oversold daily Stochastic at 18.6 – further gains are likely.