SINGAPORE: New York May cocoa may test a support at $2,208 per tonne, a break below which could cause a loss to $2,170.
The support is identified as the 61.8 percent projection level of a downward wave C, the third wave of a three-wave cycle from $2,464.
The contract failed to break a resistance at $2,269, which is strengthened by other two at the March 14 high of $2,266 and the March 6 high of $2,270. The failure signals a completion of the bounce.
A break above $2,269 could lead to a gain to $2,307.
Note: Cocoa report is published twice a week, Wednesday and Friday.
* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of TECH/C to retrieve the original reports.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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. **
Comments
Comments are closed for this article.