NIB Testing Resistance, Trade Update

The NIB (Cocoa ETN) Active Long Trade is currently testing the top of the basing pattern which is a significant resistance zone. A break above the top of that zone, which appears imminent, is likely to be the catalyst for a move up to & beyond the first price target of 25.90. T3 at 28.70 remains the final target at this time although there is still a chance that an additional official target around the 32.20 area may be added to this trade. As a result of the recent pullback/consolidation in NIB, which helped to alleviate the near-term overbought condition, my expectation is that NIB will blast right through T1 with a move up towards the 26.85 area before any meaningful reaction. Updated 60 minute & daily charts below.

Mar 20, 2017 10:11am|Categories: Completed Trades - Long, Gold & Commodities|Tags: , |1 Comment

One Comment

  1. rsotc March 20, 2017 11:06 am at 11:06 am

    NIB printed a high of 25.88 so far vs. T1 at 25.90. Favoring little, if any, reaction at T1 with a continued move toward T2 before any meaningful reaction at this time.


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