On Friday, May-20 NY ICE cocoa moved into a bearish period in the second half of February and into early March.
After settling at a two-month low last Monday, the contract moved higher Tuesday and Wednesday but failed to close above then retracement resistance above $2,620.
With the rally rebuffed, the contract broke the 200-day moving average Thursday and the 300-day average Friday to a 2020 low at the end of the week, managing to hold slightly above lows last seen in late December 2019.
May-20 NY cocoa & relative strength index
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