This/Next Week Forecast (November 16 – 20, 2020)
Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 2420, which will be followed by moving up to 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
The downtrend may be expected to continue, while market is trading below resistance level 2420, which will be followed by reaching support level 2232 and 2160.
previous week cocoa forecast chart
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.
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.
