Cocoa Forecast - Thursday, Nov. 12

Thursday Forecast

Uptrend scenario

The uptrend may be expected to continue in case the cocoa market rises above resistance level 2410, which will be followed by reaching resistance level 2514.

Downtrend scenario

A downtrend will start as soon, as the cocoa market drops below support level 2326, which will be followed by moving down to support level 2232.

Previous forecast

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

Uptrend scenario

The uptrend may be expected to continue, while the cocoa 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 cocoa market to reach resistance level 2665.

Downtrend scenario

A downtrend will start as soon, as the cocoa market drops below support level 2350, which will be followed by moving down to support level 2160.

Previous week cocoa forecast chart

Fundamental Analysis

The difference between supply and demand shows the fair price at 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 cocoa 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 the cocoa market is trading below resistance level 2410, which will be followed by reaching support level 2160.