SINGAPORE: New York May cocoa looks neutral in a range of $2,117-$2,156 per tonne and an escape could suggest a direction.
The range is formed by the 76.4 percent and the 100 percent projection levels of an upward wave C from $1,991. A break above $2,156 could lead to a gain to $2,195, while a break below $2,117 could cause a loss to $2,093.
Five smaller waves make up wave C. Cocoa is riding the fourth, labelled 4, which is expected to be sideways, and may revisit $2,117.
It is highly likely that cocoa remains in the range for one more day before resuming its uptrend.
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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