SINGAPORE: New York May cocoa faces a resistance at $2,275 per tonne and it may test a support at $2,236.
The resistance and the support are identified respectively as the 100 percent and the 86.4 percent projection levels of an upward wave C from $1,991.
From Feb. 16, each time cocoa approached a resistance, it either hovered below the resistance or dropped a bit. This behaviour is observed around $2,167, $2,208 and $2,236.
Same behaviour is anticipated when the stronger resistance at $2,275 remains intact. A break above $2,275 could lead to a gain into $2,316-$2,342.
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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