November 13, 2024
Cocoa’s price movements are showing signs of a critical shift, potentially transitioning from a Stage 3 Distribution into a Stage 4 Decline if it breaks below the $7,000 level. Currently, Cocoa is trading under key indicators like the 50-week and 200-day moving averages, indicating strong downward pressure that could drive prices toward $4,000 if support fails. The recent price action suggests caution, especially with $7,000 serving as a pivotal marker for further declines. Traders should keep a close watch on this level, as a break here could open up substantial downside potential. Review our October 3, 2024 Cocoa Futures Analysis: https://www.youtube.com/watch?v=sKuONLcIdOU&t=152s
