• A retracement analysis on the fall from $2,606 to $2,165 reveals a target at $2,502, the 76.4pc level.
  • The next resistance will be at $2,479, a break above that could lead to a gain to $2,500.

SINGAPORE: New York December cocoa may rise into a range of $2,479-$2,500 per tonne, as suggested by a Fibonacci ratio analysis.

The contract has cleared resistance at $2,458, the 61.8pc projection level of a downtrend from $2,567.

The next resistance will be at $2,479, a break above that could lead to a gain to $2,500.

A retracement analysis on the fall from $2,606 to $2,165 reveals a target at $2,502, the 76.4pc level. A fall from the current level may be limited to $2,438.