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Strong Rise in British Pound May Hurt Cocoa Demand
James Hyerczyk, The Pattern, Price & Time Report
Published 07/31/2009
- 3:21 p.m. EST
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Daily Analysis
December Cocoa
December Cocoa finished lower today. Despite production issues which have helped this market rally, traders seem hesitant to buy at current levels. The strong rally in the British Pound may lead to speculation that demand may drop because Cocoa has become too expensive.
The chart indicates resistance is forming at 2967 which could trigger a corrective break to 2709 to 2647.
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