New York cocoa could rise to July 8 high of $2,606

• New York December cocoa could break a resistance at $2,546 a tonne and rise towards the July 8 high of $2,606.
• The resistance is identified as the 86.4pc retracement of the downtrend from $2,606 to $2,165.

SINGAPORE: New York December cocoa could break a resistance at $2,546 a tonne and rise towards the July 8 high of $2,606.

The resistance is identified as the 86.4pc retracement of the downtrend from $2,606 to $2,165.

It works as the last barrier towards $2,606.

Based on the consolidation range of $2,438-$2,502, cocoa may rise to $2,606. A correction from the current level may be limited to $2,502.

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.