The contract has broken a support at $2,602, the 38.2% retracement of the uptrend from $2,247 to $2,821. It is falling towards the next support at $2,534.
SINGAPORE: New York cocoa may test a support at $2,653 per tonne, a break below which could cause a fall to $2,466.
The contract has broken a support at $2,602, the 38.2% retracement of the uptrend from $2,247 to $2,821. It is falling towards the next support at $2,534.
A break above $2,602, now a resistance, may lead to a gain into $2,648-$2,686 range.
Note: The cocoa report is published twice a week - Wednesday and Friday.
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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