Cocoa Weekly Forecast

This/Next Week Forecast (December 14 – 18, 2020)

Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 2665, which will be followed by moving up to resistance level 2825.
Downtrend scenario
The downtrend may be expected to continue, while market is trading below resistance level 2665, which will be followed by reaching support level 2514 and 2410.

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

previous week forecast

Fundamental Analysis

Difference between supply and demand shows fair price at the level 2800 – 3100, but new covid wave and lockdown increasing create additional downtrend pressure.

Chart Cocoa Stocks, Inventory

Monthly Forecast, December 2020

Uptrend scenario
The uptrend may be expected to continue in case the market rises above resistance level 2875 – 2923, which will be followed by reaching resistance level 3100.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 2665, which will be followed by moving down to support level 2410 and if it keeps on moving down below that level, we may expect the market to reach support level 2160.

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

previous month forecast

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