SINGAPORE: New York cocoa is expected to revisit the previous trading session's low of $2,579 per tonne, as a downtrend is intact.
The rebound during the previous trading session is considered as a pullback towards the low of a range of $2,654 to $2,761, and based on the price difference between the high and the low of the range, the contract is expected to eventually reach $2,547.
The pullback was triggered by the Sept. 13 low of $2,595.
A further rise of the price above $2,654 will violate the bearish outlook, and an hourly chart high at $2,743 could be tested.
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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