SINGAPORE: New York July cocoa faces a resistance at $2,086 per tonne, a break above which could lead to a gain to the next resistance at $2,129.
These resistances are identified respectively as the 76.4 percent and 86.4 percent Fibonacci retracements of the downtrend from the March 21 high of $2,188 to the April 20 low of $1,756.
A rise to $2,095 may confirm a break above the resistance. Given that the contract has surged above the 61.8 percent level at $2,023, it may approach $2,188. A drop to $2,070 could be extended to $2,023.
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.
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