SINGAPORE: A bullish target range of $2,743-$2,770 per tonne is unchanged for New York cocoa, as it has broken above a descending trendline.
The trendline started from an hourly chart high at $3,125, and a break above it has been confirmed valid by the subsequent pullback which found a support at $2,638.
The nearest two resistances, $2,743 and $2,770, form a resistance zone which also serves as a target zone.
Support is at $2,638, a break below which will trigger a fall towards the Oct. 4 low of $2,579.
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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