Stock Pick for the Day!!!

Top pick for the day - Cocoa

• Cocoa failed to make a new high but on the weekly basis, it appears to be forming an ascending triangle pattern, which is a continuation pattern.

• The recent failure is not a sign of reversal but only a minor pullback after a strong breakout above the ST resistance trend line last week.

• This breakout could signal the end of the sideways movement and the next leg up could be underway.

• A move above 3395 would confirm that the bull is coming back. The upside targets are at 3533 and 3625, which are the 138% FR and 136% FR levels.

A drop below 3187 would negate our bullish view.

Watchout on both 3395 and 3187 key levels.

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