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New York cocoa may rebound to $2,988/T
SINGAPORE : New York cocoa is expected to rebound to $2,988 per tonne, based on its wave pattern and a Fibonacci project
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SINGAPORE: New York cocoa is expected to rebound to $2,988 per tonne, based on its wave pattern and a Fibonacci projection analysis.
A bottom could have formed around $2,870, strengthening a previous support at $2,877, a low touched on May 24.
The current rebound could have adopted an "a-b-c" corrective wave mode, with the wave "c" travelling towards the $2,988, the 100 percent Fibonacci projection level.
Support is at $2,890, a break below which signals a medium-term downtrend could have resumed.
Copyright Reuters, 2011
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