- COCOA hit 20-month low during today's session in London
- Futures bounced off the 200-week EMA
- COCOA: +2%
- COCOA hit 20-month low during today's session in London
- Futures bounced off the 200-week EMA
- COCOA: +2%
Cocoa futures (COCOA) are breaking a four-day losing streak, finding support at the 200-week exponential moving average (EMA200, black).
Cocoa prices on the London exchange bounced today from a 20-month low (currently: +2%), although improving supply prospects are likely to continue putting pressure on the commodity’s price. According to a Bloomberg survey, stabilizing weather conditions in West Africa and farmers’ investment in larger crops could lead to a cocoa surplus of around 186,000 tons in the upcoming season.
COCOA has been in a consistent downtrend for eight weeks, pushing the RSI on the W1 timeframe to oversold territory. Source: xStation5
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