Weekly Forecast (August 31 - September 4, 2020)
Uptrend scenario
The uptrend may be expected to continue, while the market is trading above support level 2500, which will be followed by reaching resistance level 2800.
Downtrend scenario
A downtrend will start as soon, as the market drops below support level 2500, which will be followed by moving down to support level 2205.
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Previous week cocoa forecast chart
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Fundamental analysis
According to the Fundamental Analysis difference between supply and demand shows oversold market and the fair price at the level $2800.
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Quarterly Forecast (Quarter III: July - September 2020)
Uptrend scenario
The uptrend may be expected to continue, while the 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
A 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.
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