SINGAPORE: New York May cocoa remains neutral in a narrow range of $2,450-$2,525 per tonne, and an escape could suggest a direction.
The range is formed by the 23.6 percent and the 14.6 percent retracements on the uptrend from $1,812 to $2,647. A rise above $2,525 may be extended to $2,589.
A small double-top suggests a downside bias. The suggestion is complemented by a brief piercing below $2,450 on April 9.
A break below $2,450 may cause a loss to $2,328.
Note: Cocoa report will be published twice a week, on Wednesday and Friday.
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.
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