Cocoa has been up since March, and this week it tried to break out of three MAs(13, 50, 200) and failed.
In the ST, it is not bullish.
But when you look at the COT positions, Money Managers are net short(long 42%, short 58%).
This is constructive.
It could retest Lower TL again, or go straight up.
In the ST, it is not bullish.
But when you look at the COT positions, Money Managers are net short(long 42%, short 58%).
This is constructive.
It could retest Lower TL again, or go straight up.