Cocoa Weekly Forecast

This/Next Week Forecast (October 5 – 9, 2020)

Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 2550, which will be followed by moving up to resistance level 2665 and 2825.
Downtrend scenario
The downtrend may be expected to continue, while market is trading below resistance level 2550, which will be followed by reaching 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 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 showing fair price at the level 2400 with high potential to reach 2200.

Chart Cocoa Stocks, Inventory

Long-Term Forecast
(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

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