Cocoa Weekly Chart Pattern — July 18th 2009
A sort of symmetrical triangle chart pattern has formed on the weekly timeframe on the cocoa price graph. It’s not a classical triangle pattern, since it’s actually pointing up, but it’s still close enough to symmetrical triangle, offering a good opportunity to enter on the breakout. This pattern is most probably a continuation pattern that will lead to a new uptrend after a consolidation, which is active since February 2008. Click the image to get the full-size screen capture of the chart:
If you have any questions or comments regarding this chart pattern for the cocoa futures, please, feel free to reply below.
