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New York cocoa may rise into $2,479-$2,500 range
A retracement analysis on the fall from $2,606 to $2,165 reveals a target at $2,502, the 76.4pc level.
The nex
- 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.
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