SINGAPORE: New York March cocoa may test a resistance at $2,162 per tonne, as it has found a support at $2,103.
The resistance and the support are identified as the 61.8 percent and the 76.4 percent retracements on the uptrend from $2,008 to $2,410. Making the support stronger is another similar one established by a rising trendline. A break above $2,162 could lead to a gain to $2,209.
A break below $2,103 could be disastrous to bulls, as a small head-and-shoulders developing from Nov. 26 will be confirmed. It suggests a target around $2,008.
* Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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