Cocoa Price Bias Is Still Bullish | IFCM

Cocoa Price Bias Is Still Bullish

  • IFC Markets
    2020/06/01
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    2020/05/25
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    2020/05/18
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    2020/05/11
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    2020/05/04
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    2020/04/27
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    2020/04/20
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    2020/04/13
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The #C-COCOA price forecast in our May 1, 2020 technical analysis was bullish.

Market developments after #C-COCOA,Daily May 1, 2020 technical analysis still indicate bullish bias.

  • Ivory Coast government extended its state of emergency to May 15 - this may disrupt the delivery of cocoa to Ivory Coast ports.
  • On downside risk, cocoa inventories rebounded to a 9-1/2 month high of 4.346 million bags last Friday from December's 3-1/4 year low of 2.688 mln bags.
  • Here is what indicators show as of May 4, 2020:

    • The Parabolic Indicator gives a bullish signal.
    • The Donchian channel indicates uptrend: it is narrowing up.
    • The MACD indicator gives a bullish signal.
    • The RSI oscillator gives a neutral signal.
    • The Fractals give bullish signal.
    • The MA(50) Indicator gives a bearish signal.
    • The Fibonacci Indicator gives a bullish signal.

    So the bullish forecast still stands for the #C-COCOA,Daily.

    OrderBUY
    Buy stopAbove 2412
    Stop lossBelow 2289

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