This (Canadian) news headline appeared today (you can read the article at this link):
Volume in the July Cocoa futures contract spiked in today's continued rally from the past few days up to a 50% Fibonacci retracement level, as shown on the Daily chart below.
At the moment, price is still subject to a bearish influence of a moving average "Death Cross" formation, as well as a confluence of this Fib level with a downtrend line and the upper Bollinger Band. A break and hold above this confluence resistance, followed by a rally with conviction may, ultimately, reverse this formation to a bullish "Golden Cross."
