NY cocoa may test resistance at $2,407

SINGAPORE: New York July cocoa may test a resistance at $2,407 per tonne, a break above which could lead to a gain into $2,435-$2,462 range.

The contract stabilised around a support at $2,439. The stabilisation signals the formation of a temporary bottom.

Until cocoa goes above $2,462, it will remain unclear if the uptrend from $2,317 has resumed.

A break below $2,349 could open the way toward $2,317.

Note: The cocoa report is published twice a week - Wednesday and Friday.

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