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March 02, 2023
Struggling to find upward momentum, Cocoa has shed $53 to currently trade at $2,788 per metric tonne as it ranges between $2,784 and $2,841 so far today.
New United States Initial Jobless Claims improved upon the previous 192,000 figure while also exceeding analyst expectations with a reading of 190,000.
On the flip side, data for United States Initial Jobless Claims published today at 13:30 UTC came out at 190,000, beating projections of 195,000 and showing improvement over the preceding figure of 192,000. Highly important Crude Oil Inventories data from United States beat analyst expectations of 457,000 with a reading of 1.17 million.
Meanwhile, United States ISM Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 47.7, while the previous figure was 47.4.
Cocoa fell below the $2,837.67 support zone and moved $49.67 beyond it; the next level of support with significant buyer interest is estimated at $2,822.33. Cocoa made an initial break below its 3 day Simple Moving Average at $2,802, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $2,795 currently serving as support. If price action breaks below, the next Fib hurdle is $2,706.76.
Overall, the technical analysis landscape suggests that on the balance of probability, Cocoa is expected to maintain its bearish bias.
Taking a look at other Softs commodities, negative performances are evident as Sugar decreases 1.26% to trade around $20.31. Coffee closed at $181.15 (down 1.31%). Cotton slides down 0.67% to trade around $84.
Furthermore, United States ISM Non-Manufacturing PMI (Feb) is scheduled for tomorrow at 15:00 UTC.
Cocoa reached a significant high of $2,853 around a day ago but has lost 0.42% since then.
