Image Source: Unsplash
Cocoa futures prices have rallied sharply over the past year.
And the rally has really heated up over the past 3 months.
Today we look at a “monthly” chart of Cocoa to highlight this rare and sharp rally.
As you can see, hot Cocoa has gained 100% quickly
after breaking out of a 23-year sideways trading pattern.
The strong rally has it testing its 261% fibonacci extension level this month.
What this pattern looks like in a week (end of month) could be important to several markets!
(Click on image to enlarge)
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