Will Ivory Coast political instability add support for cocoa futures?
As a group, international observers have not been shy about their concerns over Ivory Coast’s political stability ahead of the country’s presidential election. Ivory Coast saw civil wars in 2002 and 2011, and now the question is whether a third civil war could be triggered by a contentious election as hopes of a peaceful transition seem to dim.
Dec-20 NY cocoa futures lower corrected from above the upper Bollinger Band ahead of the holiday weekend and dipped further to trade near the 20-day moving average on Tuesday. On Wednesday, the contract seems to have found Fibonacci retracement support around $2,565. Technicals are bearish overall.
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