Cocoa futures make a big gain at last week’s commodities market, no doubt the demand of cocoa is rising that push cocoa futures going up. From the following cocoa future weekly candle stick chart, we can see the cocoa future posted 3 white candles at past 3 weeks. No evidence showing it turns to weak and still with bullish signal.
But we can try to analyze cocoa futures price using Gann Theory – the angle. We draw a 1 x 1 line from the significant low at week of 2005 November 18, then we can see the recent cocoa futures price is resisting by the 1×1 line and supporting by 3 x 1 line.
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