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Cocoa Technical Analysis - Cocoa Trading: 2023-02-14
Cocoa Technical Analysis Summary
Above 2676
Buy Stop
Below 2500
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| MA(200) | Neutral |
| Fractals | Neutral |
| Parabolic SAR | Buy |
| Bollinger Bands | Buy |
Cocoa Chart Analysis
Cocoa Technical Analysis
On the daily timeframe, COCOA: D1 went up from the triangle. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if COCOA: D1 rises above its latest up fractal: 2676. This level can be used as an entry point. The initial risk limit is possible below the 200-day moving average line, the Parabolic signal, the lower Bollinger band and the last 2 lower fractals: 2500. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders, after making a trade, can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (2676) without activating the order (2500), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Commodities - Cocoa
Worsening weather in West Africa could have a negative impact on crops. Will COCOA quotes rise?
Difficult weather conditions could cut crops in the African countries of Ivory Coast and Ghana. Previously, the possible negative impact of the global shortage of fertilizers and pesticides due to rising energy prices was noted. The Cocoa Association of Nigeria reported a marked decline in exports in December 2022. Exports of cocoa from the Ivory Coast for the past week amounted to 34 thousand tons. This is much less than in the same week in 2022 - 66 000 tons. Some market participants fear that Ivory Coast exporters may default on their cocoa supply obligations.
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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.
