Cocoa ends the trading week at level 2255 and continues to move as part of the formation of the «Triangle» model. Moving averages indicate a bearish trend. At the moment, we should expect a correction and test of the resistance area near the level of 2320. Where again we should expect a rebound and an attempt to continue the fall of the Cocoa rate with a potential target below the level of 1895.
Cocoa forecast for the week December 24 — 28, 2018
In favor of reducing the Cocoa quotes in the current trading week December 24 — 28, 2018, the resistance line test on the relative strength index (RSI) will come out. As well as a rebound from the upper limit of the model «Triangle». Cancellation of the Cocoa fall option will be strong growth and breakdown of the 2450 area. This will indicate breakdown of the upper boundary of the «Triangle» model and continued growth of Cocoa with a potential target above the level of 2550. Confirmation of the downward trend development will be a breakdown of the lower boundary of the «Triangle» model and closing quotes below the level 2050.
Cocoa forecast for the week December 24 — 28, 2018 suggests an attempt to test the resistance area near the level of 2320. Then, further fall of the instrument to the area below the level of 1895. An additional signal in favor of Cocoa’s depreciation will be the resistance line test on the relative strength index (RSI). Cancellation of the Cocoa fall option will be a strong growth and a breakdown of the 2450 area. In this case, we should expect continued growth.
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