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Cocoa Price Bias Is Still Bullish
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.
Order | BUY |
Buy stop | Above 2412 |
Stop loss | Below 2289 |
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