New York cocoa may stabilize around $2,135

Usama Fayyaz August 16, 2019

SINGAPORE: New York September cocoa  may stabilize around a support at $2,135 per tonne, and bounce towards a resistance at $2,187.

The support is provided by the 86.4pc retracement on the uptrend from $2,063 to $2,589, working as the last barrier towards $2,063.

Cocoa failed twice to break this support. The bullish divergence on the hourly MACD indicates an exhaustion of the downtrend. A bounce could be due.

A break below $2,135 could open the way towards $2,063.

Note: Cocoa report is published twice a week – Wednesday and Friday.

Charts are not available in reports received in email box through “Alert”. To get charts, use the news code of to retrieve the original reports.

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, 2019

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