NY cocoa neutral in $2,958-$3,047 range

SINGAPORE: New York September cocoa looks neutral in a range of $2,958-$3,047 per tonne, and an escape will indicate a direction.

The range is formed by the 38.2 percent and the 61.8 percent Fibonacci retracements on the downtrend from the June 23 high of $3,190 to the July 29 low of $2,815.

A break above $3,047 could lead to a gain to $3,102, the 76.4 percent level, while a break below $2,958 could cause a loss to the 23.6 percent level at $2,904. Most likely, the contract will remain sideways in the range for one more day.