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Cocoa Weekly Forecast

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This/Next Week Forecast (November 23 – 27, 2020)

Uptrend scenario

The uptrend may be expected to continue, while market is trading above support level 2665, which will be followed by reaching resistance level 2825 – 2923.

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.

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 2400 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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