This/Next Week Forecast (November 23 - 27, 2020)
Uptrend scenario
The uptrend may be expected to continue, while the cocoa market is trading above support level 2665, which will be followed by reaching resistance level 2825 - 2923.
Downtrend scenario
A downtrend will start as soon, as the cocoa market drops below support level 2665, which will be followed by moving down to support level 2410.
Previous week cocoa forecast chart
Fundamental Analysis
The difference between supply and demand shows the fair price at the level 2400 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.
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