After reaching a three-month low at the start of November, Mar-21 NY cocoa pushed higher, finding resistance last week near $2,365 (Fibonacci retracement) and below $2,385 (the 20-day average). The contact fell back below those levels last week but rallied strongly in the last three sessions to a close slightly below the upper Bollinger Band and retracement resistance above $2,515.

Support may lie near $2,500, $2475, and from $2,410 to $2,400. Further resistance may be above $2,560 and from $2,590 to $2,600.

Mar-21 NY cocoa futures


Source: DTN
Posted by: Information Services
Our Information Services team assists our clients with understanding commodity and ingredient market dynamics. Using our extensive database of intelligence, we also produce regular commodity and commercial market publications covering supply and demand fundamentals, news alerts on events that shape the markets, and resource guides to give you a complete picture of the industries we monitor.