NY cocoa may bounce again towards $2,915

SINGAPORE: New York September cocoa may bounce again towards a resistance at $2,915 per tonne as it has found a support at $2,838.

The resistance and the support are identified respectively as the 50 percent and the 61.8 percent Fibonacci projection levels of a downward wave (C), the third wave of a three-wave cycle from the Dec. 7, 2015 high of $3,392.

The bounce is against the steep fall from the July 15 high of $3,166 and may last a few days. A break below $2,838 may open the way towards $2,744, the 76.4 percent level.