{"id":100589,"date":"2017-01-11T07:00:22","date_gmt":"2017-01-11T12:00:22","guid":{"rendered":"http:\/\/countingpips.com\/?p=100589"},"modified":"2017-01-11T07:00:22","modified_gmt":"2017-01-11T12:00:22","slug":"cocoa-technical-analysis-january-11-2017-political-crisis-in-cote-divoire","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/01\/cocoa-technical-analysis-january-11-2017-political-crisis-in-cote-divoire\/","title":{"rendered":"COCOA: Technical Analysis January 11, 2017 &#8211; Political crisis in Cote-d\u2019Ivoire"},"content":{"rendered":"<div id=\"inves-2204126863\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">January 11, 2017<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>By <a href=\"http:\/\/www.ifcmarkets.com\/\" target=\"_blank\">IFCMarkets<\/a><\/p>\n<p><strong>Political crisis in Cote-d\u2019Ivoire<\/strong><\/p>\n<p><a href=\"http:\/\/www.ifcmarkets.com\/en\/trading-conditions\/commodities\/cocoa\">Cocoa prices<\/a> are correcting up amid the armed revolt in Cote-d\u2019Ivoire and slightly worsened weather in West Africa. Will cocoa prices continue rising?<\/p>\n<p>Around 35% of global cocoa crops are harvested in Cote-d\u2019Ivoire while Western Africa in general accounts for 75%. End of previous week ex-soldiers seized control of Bouak\u00e9 which is the 2nd largest city in Cote-d\u2019Ivoire. The country\u2019s prime-minister resigned along with his government on Monday while the security chiefs were dismissed. Higher political risks in the country pushed global cocoa prices up. Soldiers demand higher wages and social benefits. The government can barely do that as cocoa prices hit an almost 4-year low last week so the budget income is not high enough. Moreover, cocoa shipments from Cote-d\u2019Ivoire fell since October 1 to January 8, 2017 to 929 thousand tonnes from 967 thousand tonnes in the same period of previous season. Given low prices, Coffee and Cocoa Council in Cote-d\u2019Ivoire suspended forward sales of cocoa in agricultural season 2017\/18. This raised market uncertainty. There is being quite a wide range of assessments of global surplus in cocoa market \u2013 from 150 to 225 thousand tonnes. This may raise the volatility of cocoa prices amid changing weather conditions in North Africa.<\/p>\n<p style=\"text-align: center; margin-bottom: 20px; margin-top: 20px;\"><img decoding=\"async\" style=\"float: none;\" src=\"http:\/\/www.ifcmarkets.com\/uploads\/images\/10-01-2017.png\" alt=\"Cocoa\" width=\"660px\" \/><\/p>\n<p class=\"emailSummary\">On the daily chart <b>Cocoa: D1<\/b> is in descending channel. Its decline slowed down recently and several indicators have formed signals to buy. Further price increase is possible in case of heightening political tensions in Cote-d\u2019Ivoire and worsened weather conditions in West Africa.<\/p>\n<ul class=\"emailSummary\">\n<li>The <b>Parabolic indicator<\/b> gives bearish signal. It may serve the additional level of resistance which has to be surpassed to open long position.<\/li>\n<li>The <a href=\"http:\/\/www.ifcmarkets.com\/en\/bolinger-bands\">Bollinger bands<\/a> have widened which means lower volatility.<\/li>\n<li><a href=\"http:\/\/www.ifcmarkets.com\/en\/ntx-indicators\/rsi\">RSI<\/a> is below 50, it has formed positive divergence.<\/li>\n<li><a href=\"http:\/\/www.ifcmarkets.com\/en\/ntx-indicators\/macd\">MACD<\/a> gives bullish signal.<\/li>\n<\/ul>\n<p>The bullish momentum may develop in case <b>cocoa<\/b> surpasses the last fractal high, resistance of the descending channel and the Parabolic signal at 2280. This level may serve the point of entry. The initial stop-loss may be placed below the last fractal low and the 4-year low at 2100. Having opened the pending order we shall move the stop to the next fractal low following the Parabolic and Bollinger signals. Thus, we are changing the probable profit\/loss ratio to the breakeven point. The most risk-averse traders may switch to the 4-hour chart after the trade and place there a stop-loss moving it in the direction of the trade. If the price meets the stop-loss level at 2100 without reaching the order at 2280, we recommend cancelling the position: the market sustains internal changes which were not taken into account.<\/p><div id=\"inves-2441477665\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<h2 class=\"emailSummary\" style=\"margin-top: 15px !important;\">Summary of technical analysis<\/h2>\n<table style=\"border: solid 1px black;\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td align=\"left\" valign=\"top\"><b>Position<\/b><\/td>\n<td align=\"left\" valign=\"top\">Buy<\/td>\n<\/tr>\n<tr>\n<td align=\"left\" valign=\"top\"><b>Buy stop<\/b><\/td>\n<td align=\"left\" valign=\"top\">above 2280<\/td>\n<\/tr>\n<tr>\n<td align=\"left\" valign=\"top\"><b>Stop loss<\/b><\/td>\n<td align=\"left\" valign=\"top\">below 2100<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Market Analysis provided by <a href=\"http:\/\/www.ifcmarkets.com\/\" target=\"_blank\">IFCMarkets<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By IFCMarkets Political crisis in Cote-d\u2019Ivoire Cocoa prices are correcting up amid the armed revolt in Cote-d\u2019Ivoire and slightly worsened weather in West Africa. Will cocoa prices continue rising? Around 35% of global cocoa crops are harvested in Cote-d\u2019Ivoire while Western Africa in general accounts for 75%. End of previous week ex-soldiers seized control of [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-100589","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/100589","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=100589"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/100589\/revisions"}],"predecessor-version":[{"id":100597,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/100589\/revisions\/100597"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=100589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=100589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=100589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}