SINGAPORE: New York cocoa may retest a resistance at $2,585 per tonne, probably after a shallow drop to $2,495.
The resistance is identified as the 38.2% retracement of the downtrend from $$2,821 to $2,439. The rise from $2,439 consists of three waves.
The current wave b may end around $2,495, to be reversed by the wave c. A break below $2,495 could cause a fall into $2,439-$2,466 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.
Comments
Comments are closed for this article.