July ’20 cocoa futures regain much of yesterday’s losses being well supported by continued production concerns. Volatility is to be reasonably expected with this economically sensitive market as sentiment bounces back and forth between bullish and bearish attitudes about the re-opening of the global economy. The ongoing tensions between the US and China is a continued source of pressure. From a technical perspective yesterday’s sharp drop in price was rather bearish. However, the lows were rejected, and the market seems to have switched the 2400 price level from being resistance to a support point. I wouldn’t be surprised if we see some consolidation over the next few sessions as cocoa rebuilds some momentum before the next move. A close below 2400 would suggest a bearish tilt to the market until demand sentiment improves. A close above yesterday’s high would be a strong bullish indicator and could suggest on oncoming bull-run.