COCOA - We had a good drop, but demand is still high,so we go up

27 Ara 2024

Hi guys, recently had a rollecoaster with Cocoa , but eventually the price went back and stabilized, now I am coming back to it hence , I see that there has been an ascending channel formulated. The overall technical overview is that the asset is indeed overbought, but at this current stage the fundamentals are out-weighting the technicals, bringing up the prices.

From a fundamental perspective, currently for yet another year we have had weather problems which causes the nearby crop of Cocoa in the Ivory coast which is the biggest exporter will be limited in spring as analysts are predicting. Additionally the weather circumstances have lead to an almost two year hiatus where we have problems with the supply of Cocoa, while the demand remains to be high.

‘Like coffee, chocolate is one of those things consumers are reluctant to give up. Poster items for inelastic demand.’

Entry: 11,203
Target 1: 12,404
Target 2: 13,036
Target 3: 14,026

As always my friends happy trading!

P.S. If you have questions or inquiries about one of my existing set-ups or personal questions / 1 on 1 sessions consider joining my channel so you can follow up with me in private!

29 Oca

İşlem aktif

Trade is active 1st target has been reached , and we are formulating a very nice Ascending Channel which should be very helpful for our analysis to go towards our 2nd and 3rd targets!