Cocoa declines in pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Recent cocoa price fluctuations have revealed that the commodity price has been declining in a channel down pattern. Meanwhile, the price was respecting both resistance and support of the 200-day simple moving average.

If the commodity price continues to decline in the pattern's borders, the price might find support in the November low level at 2,340.00. Further below, note the 2,235.00 low level of July.

Meanwhile, a potential surge would have to pass the resistance of the 50 and 200-day simple moving averages at 2,500.00 and the upper trend line of the channel down pattern.
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