SINGAPORE: New York May cocoa is expected to retrace moderately to $2,146 per tonne before rising again towards $2,217.
The retracement has been caused by a resistance zone of $2,176-$2,183, formed by the March 13 high and the 76.4 percent Fibonacci projection level of an upward wave c or wave (3).
This wave is capable of traveling to $2,217, its 100 percent Fibonacci projection level. As a result, the drop from the Thursday high of $2,186 is expected to be brief, and is likely to find a support at $2,146, the 50 percent projection level.
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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