SINGAPORE: New York July cocoa may retest a resistance at $2,460 per tonne, with a good chance of breaking above this level and rising more to $2,532.
The resistance is identified as the 76.4 percent projection level of an upward wave C from $2,226.
This wave has a better chance of extending to $2,532 after traveling above the 61.8pc level at $2,415.
Support is at $2,415, a break below which could cause a loss to limited to $2,379. On the daily chart, the contract is retesting a resistance at $2,434.
A rise to the May 21 high of $2,453 could confirm a break and a target at $2,526.
Note: Cocoa report is published twice a week, Wednesday and Friday.
Charts are not available in reports received in email box through "Alert".
To get charts, use the news code of to retrieve the original reports.
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.
Comments
Comments are closed for this article.