Mooses in the Markets - Rebound in Cocoa
Peter Mooses of RJO Futures - InsideFutures.com - Fri Aug 23, 4:33PM CDT

Cocoas main stories have been on repeat this year supply/demand, global uncertainty, grinding data, all have created volatility in the futures. This recent sell-off, mainly from the lack of demand, Asian demand, due to the global trade tensions have finally caused cocoa to reach oversold levels. A recovery should be on the way. Global equities have comeback slightly, currencies have given softs a little push higher as well. Grinding data is coming in mixed. If resistance levels can be broken, 2280 look for a move above 2300. The recent equity trade in the US markets, as well as overseas could turn any market around as we saw over the past few weeks. Technically, look at moving averages for guidance in the short-term.

WEB OE Dec Cocoa Daily Chart

***If you are interested in reading more about the soft markets, click on the link below:

https://rjofutures.rjobrien.com/trading-offers/trade-softs-futures/?cid=70144000001J7z5AAC

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