New York cocoa neutral in $2,568-$2,592 range

• The range is formed by the 23.6pc and the 38.2pc retracements of the downtrend from $2,694 to $2,529.
• A break above $2,592 could lead to a gain to $2,612, while a break below $2,568 could cause a fall into the $2,541-$2,553 range.

SINGAPORE: New York March cocoa looks neutral in a range of $2,568-$2,592 per tonne, and an escape could suggest a fresh direction.

The range is formed by the 23.6pc and the 38.2pc retracements of the downtrend from $2,694 to $2,529.

A break above $2,592 could lead to a gain to $2,612, while a break below $2,568 could cause a fall into the $2,541-$2,553 range.

Signals on the daily chart are bearish, as the shooting star forming on Dec. 6 was followed by two black candlesticks. Such a pattern indicates a further fall.