New York cocoa neutral in $2,709-$2,766 range

• The range is formed by the 38.2pc and the 23.6pc retracements of the uptrend from $2,467 to $2,859.
• The bias could be towards the upside, as a rising trendline remains intact, which suggests a steady uptrend from the Jan. 6 low of $2,467.

SINGAPORE: New York March cocoa looks neutral in a range of $2,709-$2,766 per tonne, and an escape could suggest a direction.

The range is formed by the 38.2pc and the 23.6pc retracements of the uptrend from $2,467 to $2,859.

A break above $2,766 could lead a gain into the range of $2,802-$2,832, while a break below $2,709 could cause a fall to $2,663.

The bias could be towards the upside, as a rising trendline remains intact, which suggests a steady uptrend from the Jan. 6 low of $2,467.