BR100 3,737 Increased By ▲ 3 (0.09%)
BR30 19,102 Decreased By ▼ -52 (-0.27%)
KSE100 36,190 Increased By ▲ 48 (0.13%)
KSE30 15,694 Increased By ▲ 18 (0.11%)
COVID-19 TOTAL DAILY
CASES 243,599 2751
DEATHS 5,058 75
Sindh 100,900 Cases Today
Punjab 85,261 Cases Today
Balochistan 11,099 Cases Today
Islamabad 13,829 Cases Today
KP 29,406 Cases Today
Markets

NY cocoa to test resistance at $2,343

SINGAPORE: New York March cocoa is expected to test a resistance at $2,343 per tonne, a break above which could lead to

Dec 20 2018

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.

Copyright Reuters, 2018