NIB (cocoa ETN) is pushing against the top of the trading range. Cocoa has been consolidating for around two month now. Since I am long term bullish on agricultural commodities such as cocoa, if/when the top of the range is taken out, I expect quick run up as most of these commodities tend to have unidirectional run. First target is $32.80 range and next is the yellow down trend line. When and if that trend line is taken, I expect bigger upward move.
Have a good trade everyone,
T.
Have a good trade everyone,
T.
Komentar:
Very impulsive break out of the recent trading range.