Cocoa Weekly Forecast

This/Next Week Forecast (November  9 – 13, 2020)

Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 2410, which will be followed by reaching resistance level 2550 and if it keeps on moving up above that level, we may expect the market to reach resistance level 2665.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 2350, which will be followed by moving down to support level 2160.

Chart Cocoa This/Next Week Forecast, Technical Analysis

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

Fundamental Analysis

Difference between supply and demand shows fair price at the level 2160 and new covid wave and lockdown increasing creating additional downtrend pressure.

Chart Cocoa Stocks, Inventory

Monthly Forecast

Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 2410, which will be followed by moving up to resistance level 2550 and 2665.
Downtrend scenario
The downtrend may be expected to continue, while market is trading below resistance level 2410, which will be followed by reaching support level 2160.

Chart Cocoa Forecast 2020, Long-term Technical Analysis and Outlook

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