Cocoa Price Forecast Remains Bearish

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The #C-COCOA price forecast in our December 17, 2020 technical analysis was bearish.

Market analyses after our #C-COCOA,Daily technical analysis last week still indicate bearish bias.

Malaysia’s cocoa bean grinding dropped 16 percent for the January-September 2020 period compared with the same period in 2019.
#C-COCOA,Daily lost 0.4% since the analysis.

Here is what indicators show as of December 21, 2020:

The Parabolic Indicator gives a bearish signal.
The Donchian channel indicates downtrend: it is tilted down.
The MACD indicator gives a bearish signal: it is above the signal line and the gap is narrowing.
The RSI oscillator gives a neutral signal.
The Fractals give a bearish signal.
The MA(100) indicator gives a bullish signal.

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

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