SINGAPORE: New York September cocoa may retrace to a support at $2,445 per tonne as it failed to break a resistance at $2,535.
The resistance and the support are identified as the 61.8% and the 50% retracements on the downtrend from $2,827 to $2,063. Cocoa may consolidate within this range for one day before seeking its next direction.
A break above $2,535 could lead to a gain to $2,647, while a break below $2,445 could open the way towards $2,335.
Note: Cocoa report is published twice a week - Wednesday and Friday.
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** 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.
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