SINGAPORE: New York March cocoa is expected to rise to $2,065 per tonne, as it has cleared a resistance at $2,015.
The resistance was provided by the 50 percent retracement on the drop from the Nov. 10, 2017 high of $2,226 to the Dec. 22, 2017 low of $1,804.
The next resistance will be at $2,065, a break above which could open the way towards $2,126. A rising channel suggests a target at $2,065 as well.
A correction may be limited to $2,015, now a support.
Note: Cocoa report will be published twice a week, on 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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