July 1, 2020
By IFCMarkets
Lower demand expectations bearish for #C-COCOA
Chocolate global consumption has suffered from shutdowns since coronavirus outbreak. The International Monetary Fund lowered its outlook for the world economy couple of days ago. This is bad news for cocoa consumption, which is positively correlated with gross domestic product. In the year ended June 14, US sales of candy chocolate at traditional retail outlets fell 1.9% from a year earlier, according to IRI, a Chicago-based market researcher. Expectations of lower demand are bearish for cocoa.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Neutral | |
| MACD | Sell | |
| Donchian Channel | Sell | |
| MA(50) | Sell | |
| Fractals | Sell | |
| Parabolic SAR | Sell |
Summary of technical analysis
| Order | Sell |
| Buy stop | Below 2169 |
| Stop loss | Above 2385 |
Market Analysis provided by IFCMarkets
