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From : Commodities Daily Hotline: 24 May 2016
Chart of the day: Cocoa reverses up...


In the Softs sector, the LIFFE Cocoa instrument recorded a 3.1% gain for Monday's session.  The oversold short-term fall reversed in a decisive manner, finding firm support at the April floor (2106); near the upper side of the year's earlier small base area.  Given the strength of yesterday's move, one would expect a further rally back towards the December-April ceiling near 2320.  A long is opened, with the stop placed at 2075 for now.

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