New York cocoa to rebound
SINGAPORE: New York cocoa could rise to $3,030 per tonne, as it could be consolidating within a triangle. Labeled as a wave "e", the current rebound is heading towards the upper trendline of the triangle.
A further surge above the trend line line to $3,060 would confirm a bullish triple-bottom pattern, with a target to be established at $3,235.
A pivotal support is at $2,868, only a break below which could signal a resumption of a medium-term downtrend.
Wang Tao is a Reuters market analyst for commodities and energy technical. 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, 2011
Comments
Comments are closed for this article.