Cocoa Wave Analysis 12 February, 2021

• Cocoa reversed from support level 2435.00

• Likely to reach resistance level 2660.00

Cocoa recently reversed up from the key support level 2435.00 (which has been reversing the price from the middle of December) – standing near the lower daily Bollinger band.

The upward reversal from the support level 2435.00 stopped the previous sharp impulse wave (3).

Cocoa can be expected to rise further toward the next resistance level 2660.00 (former multi-pivot resistance level from January).