Apr. 16 at 10:15 AM
#COCOA is showing early signs of structural change, but the broader downtrend is still intact. Tuesday’s break above descending resistance invalidated the bearish setup and hinted at a potential shift.
However, follow-through has been weak:
Wednesday printed a small bearish candle, suggesting supply at the breakout level, and today’s gap down into a doji reflects indecision, with price slipping back below the 50 EMA.
This looks more like an attempt to reverse rather than a confirmed shift.
For bulls to take control:
price needs tighter consolidation followed by a breakout, along with sustained higher lows.
With the broader trend still bearish, managing risk remains critical when trading against it.
$NSRGY $MDLZ $HSY
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