After closing the week of Jun. 12 at a contract high of $3,262.50, most-active Sep-23 NY cocoa trailed lower the week of Jun. 19; on Jun. 23, the contract rested retracement and psychological support around $3,200 before settling at $3,203. RSI is strongly bearish, MACD grew less bullish, and the stochastic is both bearish and near overbought territory. 

Sep-23 London cocoa traded sideways the week of Jun. 19 near recent highs, managing to set a fresh contract high of £2,497 Jun. 21. The contract eased after that, closing Jun. 23 at £2,481. RSI and MACD are showing strong overbought signals. MACD grew less bullish. 

The full version of this commentary appeared on our IQ platform Jun. 23, 2023. Further information, statistics, and pricing for the cocoa market are available to IQ subscribers. Learn more about becoming a subscriber.

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