Written by: Trader 1/20/2009 5:53 PM
Buy Cocao - 1/2 now, 1/2 on any pullback.
Cocao looks like it is finishing an A-B-C correction on the daily charts. It tested the prior low quite nicely and bounced off it strong today. So it looks like it's time to buy it and play for a multi-day move. However, since there was a big up-move on Tuesday, we can try to see if we can get a better entry on at least a part of the position. So, buy some immediately and then,if it pulls back, buy the rest of your position. This should be good for a multi-day play. The daily chart is shown below.
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