March Cocoa/Also Pulling Back to the Breakout Pt. *PIC*
March Cocoa,like Sugar also broke out above its downtrendline as well as above price resistance and has pulled back to its breakout point. Price is presently riding the upper side of that downtrendline and testing it as support. Seasonal trends are also positive.
Also notice the price pattern up until late December and see how it matches the same as Nat Gas presently. This is what you want to see Nat Gas do from late December on like this chart has done to suggest a base building pattern has developed and a "W" pattern formed after the test of the double bottom low. This is what is needed for Nat Gas to build a stronger base and track sideways to up much like this Cocoa chart is doing. If Nat Gas can't do this and breaks its recent low the bear is still alive and well.