After 23 days of declines, Cocoa is up $48 today

After closing the previous trading day at $2,954, the Cocoa future is up to $3,002 per metric tonne, which makes for a move of 1.62%/$48 today.

The Cocoa future is currently trading at $3,002 following the release of EIA Short-Term Energy Outlook data from the United States.

Meanwhile, United States 3-Year Note Auction released today at 17:00 UTC with a figure of 3.695, while the previous figure was 3.81.

Trend and momentum analysis indicates that investors are seeking long positions as Cocoa price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $3,010, thereby suggesting that the Cocoa future is becoming overvalued.

Notwithstanding the Cocoa future's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

This rally in CME Cocoa's price coincides with other Softs as Coffee goes up 1.49% to trade around $186.7.

While the Cocoa future is appreciating, other Softs are comparatively not doing so well — Cotton is down to $80.87, losing $2.43, after closing at $83.3 in the preceding trading session.

Furthermore, the market is looking at tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -1.6 million from the preceding figure of -1.28 million.

The market is looking forward to the release of new data: United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC.

The past 3 months have been positive for CME Cocoa as it added 13.48% compared to its 3-month low of $2,211.5.