SINGAPORE: New York December cocoa is likely to move sideways within a range of $2,343-$2,459 per tonne for one or two trading sessions before seeking its next direction.
The range is between the Monday low and the 61.8 percent Fibonacci projection level of an upward wave c, which is the third wave of a three-wave cycle developing from the Oct. 12 low of $2,338.
Since $2,338 and the Oct. 29 low of $2,343 are almost at the same level, the cycle may take the shape of a triangle, or a flat.
A triangle would mean the wave c may stop either at $2,459 or at $2,487, while a flat indicates a higher target at $2,531.
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.
Comments
Comments are closed.