SINGAPORE: New York March cocoa is expected to test a resistance at $2,343 per tonne, a break above which could lead to a gain to $2,402.
The resistance is provided by the 61.8 percent projection level of an upward wave C from $2,095. This wave may peak in the range of $2,343-$2,497. A double-bottom forming around $2,095 indicates the target around $2,402, which falls within the range.
Support is at $2,296, a break below which could cause a loss to $2,249.
* 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.