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cocoaSINGAPORE: New York Dec. cocoa is likely to rise more to $2,459 per tonne, driven by an upward wave c.

 

This wave extends a rebound from the Oct. 29 low of $2,343 towards $2,459, the 61.8 percent Fibonacci projection level of a bigger wave (c), which may eventually travel to $2,531, its 100 percent Fibonacci projection level.

 

Support is at $2,400, a break below which will make the signals neutral, but a further drop below the Oct. 31 low of $2,364 would suggest the rebound from $2,343 has ended.

 

No information in this analysis should be considered as being business, financial or legal advice.

 

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.

Copyright Reuters, 2012

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