NY cocoa targets $2,491-$2,550 range

SINGAPORE: New York May cocoa may break a resistance at $2,447 per tonne and rise into a range of $2,491-$2,550, driven by a wave C. The resistance is identified as the 76.4 percent projection level of the wave C from $2,113. Cocoa failed to break this resistance in its first attempt on April 9, and it may succeed this time.

Support is at $2,383, a break below which could signal a completion of the wave C, and a bearish target at $2,332 will be established.