Cocoa Price Bias Is Still Bullish

The #C-COCOA price forecast in our May 1, 2020 technical analysis was bullish.

Market developments after #C-COCOA,Daily May 1, 2020 technical analysis still indicate bullish bias.

• Ivory Coast government extended its state of emergency to May 15 - this may disrupt the delivery of cocoa to Ivory Coast ports.
• On downside risk, cocoa inventories rebounded to a 9-1/2 month high of 4.346 million bags last Friday from December's 3-1/4 year low of 2.688 mln bags.

Here is what indicators show as of May 4, 2020:

• The Parabolic Indicator gives a bullish signal.
• The Donchian channel indicates uptrend: it is narrowing up.
• The MACD indicator gives a bullish signal.
• The RSI oscillator gives a neutral signal.
• The Fractals give bullish signal.
• The MA(50) Indicator gives a bearish signal.
• The Fibonacci Indicator gives a bullish signal.

So the bullish forecast still stands for the #C-COCOA,Daily.

ICE New York.