Cocoa Long. The cocoa contract correction reached 50% Fibonacci retracement. According to analysts, due to rising purchase prices in growing areas, a return to prices of around USD 3,000 per tonne can be expected to return. Technical limit 50% Fib.ret. is a possible border zone in the current development. CAs publish an analysis of price increases, for some customers this may be an averaging strategy.
Chart and table source: WebTrader