Weekly Forecast
(August 24 - 28, 2020)
Uptrend scenario
The uptrend may be expected to continue, while the cocoa market is trading above support level 2390, which will be followed by reaching resistance level 2500 and 2690.
Downtrend scenario
A downtrend will start as soon, as the cocoa market drops below support level 2390, which will be followed by moving down to support level 2205.
Previous week cocoa forecast chart
Quarterly Forecast
(Quarter III: July - September, 2020)
Uptrend scenario
The uptrend may be expected to continue, while the cocoa 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 cocoa market to reach resistance level 3105.
Downtrend scenario
A downtrend will start as soon, as the cocoa 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 cocoa market to reach support level 1800.
Fundamental analysis
According to Fundamental Analysis difference between supply and demand shows oversold market and the fair price at the level $2800.
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