Cocoa analysis:
Seasonality: usually Cocoa advances mid April, but the real surge begins Jun, though Cocoa seems interestingly very bullish with respect to its seasonality
1- COT: commercials where extremely long
2- Open Interest: commercials holding their shorts in consolidation after an impulse leg
3- Backwardation: nearby contract is trading at a Premium compared to next contract (somebody is willing to pay more for his Cocoa)
4- A down close candle on daily (an Order Block) has been created = more buying ?
* If April 15 closes above 2434 the order block is validated
5- Targets are: 2490/2720
Seasonality: usually Cocoa advances mid April, but the real surge begins Jun, though Cocoa seems interestingly very bullish with respect to its seasonality
1- COT: commercials where extremely long
2- Open Interest: commercials holding their shorts in consolidation after an impulse leg
3- Backwardation: nearby contract is trading at a Premium compared to next contract (somebody is willing to pay more for his Cocoa)
4- A down close candle on daily (an Order Block) has been created = more buying ?
* If April 15 closes above 2434 the order block is validated
5- Targets are: 2490/2720
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May expired