By studying Cocoa price chart, we find that the price triggered strong bullish wave since the first one of this year 2024, to start recording new historical high records and reach 10810$ areas now, and by checking the short-term and medium-term actions, we find that the price is moving within bullish channel that carries the price to achieve more expected rise in the upcoming period, noting that the next target of this channel reaches 11845$ areas.

The chart shows a group of positive technical factors that support the chances of continuing the bullish wave, starting from the EMA50 that keeps carrying the price from below, and protects trading inside the mentioned bullish channel, besides the completion of ascending triangle that forms positive factor to support the continuation of the bullish wave and head towards the suggested target.

On the other hand, there is a chance that the price could face some bearish corrections especially after reaching the waited target at 11845$, and it might rebound bearishly to test the bullish channels support line that we expect to form key barrier around 10300$ before turning back to rise again, to extend the positive targets and reach 13650$ areas on the longer-term basis.

On the shorter-term time frames, we notice that the price fluctuates with temporary negativity now, moving inside minor bearish channel that we believe it forms bullish flag pattern, thus, breaching 10670$ will activate the positive effect of this pattern and push the price to resume the bullish towards the suggested targets.

Therefore, and when considering the mentioned factors, we believe that the chances valid to continue the rise and continue recording new historical highs, taking into consideration that holding above the psychological barrier 10000$ is important to continue the bullish trend, as breaking it will activate correctional bearish wave for the entire rise that started from the current year, to head towards visiting correctional bearish levels that start at 9210$ and might extend to 8215$ before turning back to rise again.

Key support levels:

10390, 10000, 9550, 9210

Key resistance levels:

10810, 11500, 11860, 1220