Cocoa Weekly Forecast, October 19 - 23

This/Next Week Forecast (October 12 - 16, 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.

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Previous week cocoa forecast chart

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Fundamental Analysis

Difference between supply and demand showing the fair price at the level 2400 with a high potential to reach 2200.

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Long-Term 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.

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