Cocoa Weekly Forecast, August 17 – 21

Cocoa Price Forecast For This/Next Week
(August 17 – 21, 2020)

Uptrend scenario
An local uptrend will start as soon, as the market rises above resistance level 2420, which will be followed by moving up to resistance level 2502 and if it keeps on moving up above that level, we may expect the market to reach resistance level 2800.

Downtrend scenario
An downtrend will start as soon, as the market drops below support level 2392, which will be followed by moving down to support level 2205.

Chart Cocoa This/Next Week Forecast, Technical Analysis
chart: cocoa market outlook, technical analysis

previous week cocoa forecast chart
Chart Cocoa This/Next Week Forecast, Technical Analysis

Cocoa Price Forecast 2020, Long-Term
(Quarter III: July – September, 2020)

Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 2502, which will be followed by reaching resistance level 2800 and if it keeps on moving up above that level, we may expect the market to reach resistance level 3105.

Downtrend scenario
An downtrend will start as soon, as the market drops below support level 2502, which will be followed by moving down to support level 2075 and if it keeps on moving down below that level, we may expect the market to reach support level 1800.

Chart Cocoa Forecast 2020, Long-term Technical Analysis and Outlook
chart: cocoa technical analysis, market outlook

Cocoa Price Prediction

According to Fundamental Analysis difference between supply and demand shows oversold market and the fair price at the level $2800.

Chart Cocoa Stocks, Inventory
chart: cocoa futures market warehouse ending stocks, inventory

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