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360-289-9441(March 12, 2000) COCOA: May cocoa is holding above support lows since the breakout "north" on Wednesday. Daily lows of 841, 847 and 845 have held above the former trading range. Thursday and Friday's lower closes are a two-day correction pattern working--it will need a "return" to the uptrend Monday or Tuesday to signal an entry...we will be very close to the minimum 10 days of price bars in the new trend to qualify. Stochastics are bullish in all time frames; RSI is not an issue; momentum and direction indicators are positive in the short and intermediate terms. 9- and 18-day moving averages are bullish since Wednesday's "cross" to signal a buy. Bullish and looking OK. One more thing: divergence on the 14-day stochastics chart was wide-mouthed before it "closed" to within 21 points--still impressive.
Martin B. Miller
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