Om Namah Shivay
Cocoa may go up for long if does not go below 2424 and moves above 2511. Immediate target can be 2619 through 2511, 2574.
Om Namah Shivay
Here's the daily chart of the MCX mentha oil. Right now, it's moving between the Dynamic resistance and support trendline. It's trying to cross the Moving average. If consecutive candles cross the moving average downside, it will hit the support trendline by crossing 956 - 946 .
But RSI crossing is indicating an uptrend. And ADX is greater than 25, Which shows...
Sugar prices broke past the wave 1 high, starting wave 3 up, minor wave iii of 3 going on. Wave 1 was 49% up in price. Wave 3 =1 would mean another 49% up to 17.20$
Cocoa is low and reached an interesting support about 2,000. I expect even lower price and then there will be a great potential for a bullish mood in the market. Bull spread CCH19-CCK19 offers high RRR of 1:3. ENTRY 15 or lower, PT 0 ($150/contract), SL 20 ($50/contract).
Cocoa is low and reached an interesting support about 2,000. I expect even lower price and then there will be a great potential for a bullish mood in the market.
Sugar is very low and reached a strong support about 10. Therefore there is a potential for bullish mood in the market. Bull spread SBH19-SBK19 offers an interesting opportunity, when a price will make a correction to -0,20 and then up again to 0,00.
