SINGAPORE: New York March cocoa may break a resistance at $2,402 per tonne and rise into a range of $2,442-$2,497.
The resistance is provided by the 76.4 percent projection level of an upward wave C from $2,095. This wave is capable of traveling to $2,497.
Five smaller waves make up the wave C. The fifth wave labeled 5 is unfolding towards $2,497. Support is at $2,343, a break below which could cause a loss into the range of $2,249-$2,296.
* Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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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