SINGAPORE: New York September cocoa may test a support at $2,271 per tonne, a break below which could open the way towards $2,232.
The contract is riding on a wave C from $2,505, which is expected to extend into the range of $2,232-$2,271, as it has travelled far below its 100% projection level of $2,336.
Resistance is at $2,296, a break above which could lead to a gain limited to $2,311.
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.
Comments
Comments are closed for this article.