15th Aug - Cocoa Attempts Another Recovery
15 August 2012
MONTHLY CHART – CONTINUATION:
The chart earlier found clear support from the 76.4% retracement area.
Not much overhead lies the 2562 Sep-10 low and 2635 38.2% recovery level, which offer the first key resistance area. A break through this would be a bullish sign.
DAILY CHART – Dec-12:
There has now been a clear breach of the falling resistance line, and upside focus is initially on the 2555 Jan high. The higher congestion low from Oct-11 is also resistance on this chart, but the main resistance levels are on the longer term chart above.
S/term dips could be temporary at this stage, and the 2178 17-Jul low should hold to avoid negating this latest recovery attempt.
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10th August - Ambivalent Oil