SINGAPORE: New York July cocoa may test a resistance at $2,460 per tonne, with a good chance of breaking above this level and rising more to $2,532.
The resistance is identified as the 76.4 percent projection level of an upward wave C from $2,226. After rising above $2,415, cocoa is likely to extend its gains to $2,532.
On the daily chart, the contract has broken a resistance at $2,434. It is heading towards $2,526, which is slightly below $2,532.
A correction may be limited to $2,415 (first chart).
Note: Cocoa report is published twice a week, Wednesday and Friday.
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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.
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