NY cocoa neutral in $2,386-$2,418 range

SINGAPORE: New York September cocoa looks neutral in a range of $2,386-$2,418 per tonne, and an escape could suggest a direction. A break above $2,418 could lead to a gain into $2,445-$2,471 range, while a break below $2,386 could open the way towards the zone of $2,333-$2,366.

The bias could be towards the upside, as the wave C looks incomplete. It could travel into a wide range from $2,471-$2,556.

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

Charts that are not available in reports can be received in email through “Alert”. To view charts, use news code to retrieve the original reports. Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.