Cocoa quietly heading to new highs

Market Pulse for Sept. 17

Technicals

On the daily chart once again we see a strong trending market with ADX at 41.7, watching now for a dropping DI Differential. On the chart you also can see areas where there was a pullback from the ride up that started July 1 as the price action bounced up from $2,150. MACD is riding up nicely above the signal line with a small amount of divergence and Stochastics are in deep overbought territory. Cocoa may be ready for another pullback from the ride up since Sept. 4 from just above $2,400.

Click to enlarge.

On the weekly chart we see a trend with ADX at 36.4 and Stochastics are in deep overbought territory. Look at the weekly price action since July, possibly keeping you in a long term long and not getting spooked by the daily price action.

Have a prosperous trading week.

To read my market views daily you can follow me on Twitter at http://twitter.com/TrendsinFutures

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