After cocoa broke to the upside; what are the near term targets?
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After cocoa broke the downward trend channel a few weeks ago, we have seen it break to the upside from 3100 to 3330.
*Upside target/resistance levels: - previous high around 3400 - Upper Bollinger Bands - the 20 day MA is just below the 50 day MA, but hasn't crossed yet.
Noteworthy: - As of today, we made a new high, but RSI and Stochastik haven't made a high, so a divergence is forming here. - Also the Z15/H16 future spread is softer at +12 from last couple weeks high at +16
Seems like a little more upside left for now, but resistance mounting