NY cocoa may test resistance at $2,141

SINGAPORE: New York December cocoa may test a resistance at $2,141 per tonne, a break above which could lead to a gain to the next resistance at $2,190.

These resistances are identified respectively as the 38.2 percent and the 50 percent retracements of the downtrend from $2,397 to $1,982.

A small high-low bottom forming around $1,982 suggests a target at $2,190. However, it is not very clear if cocoa could break $2,141 at its first attempt. Most likely it will fail.

Support is at $2,080, a break below which could cause a loss to $2,043.

Use EIKON news "Alerts" to get reports sent to your email box automatically.