After three days of going down, Cocoa is stable today, trading around $3,013

Cocoa trades at $3,013 per metric tonne, after ending yesterday at $3,016.

United States GDP is next today at 12:30 UTC.

Uncertainty around the Cocoa future is reflected by published market data as highly important Crude Oil Inventories data from United States beat analyst expectations of -920,000 with a reading of -12.46 million. United States 5-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.749, while the previous figure was 3.5. United States Cushing Crude Oil Inventories came out at 1.76 million, while a consensus of analysts was expecting 804,000.

The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. CME Cocoa's upper Bollinger Band® is at $3,077, suggesting that a downward move may follow.

Despite the market lacking direction, technical chart analysis strongly suggests the Cocoa future is positioned for a downward move in the near term.

Meanwhile, mixed performances are seen in other Softs as after ending yesterday's session at $25.81, Sugar lost 33 cents and is trading around $25.48.

Furthermore, the market is looking at United States Pending Home Sales is projected to outperform its last figure with 0.5%, having previously been at -5.2%. The figure will be published today at 14:00 UTC. Tomorrow at 12:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to 0% from the preceding figure of 0.2%. Today at 12:30 UTC data for United States GDP will be released, with an expected decline to 1.1 from the preceding figure of 2.6.

Cocoa has fallen back around 1.79% over the past 6 days, from a notable high of $3,071.