SINGAPORE: New York July cocoa may break a support at $1,805 per tonne and fall to the next support at $1,758, as suggested by its wave pattern and a Fibonacci projection analysis.
These supports are identified respectively as the 261.8 percent and the 300 Fibonacci projection levels of a downward wave (c), the third wave of a five-wave cycle from the March 27 high of $2,186.
The contract is riding on a wave (e), which is still controlled by the various projection levels. This wave may at least travel to $1,758. Resistance is at $1,835, a break above which may lead to a gain into the range of $1,853-$1,882.
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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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