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 market outlook, technical analysis
previous week cocoa forecast chart
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 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 futures market warehouse ending stocks, inventory
