SINGAPORE: New York May cocoa may retest support at $2,470 per tonne, a break below which could cause a fall to $2,425.
The support is provided by the 50% projection level of a wave C from $2,661. This wave looks incomplete. It may extend to or below $2,425.
Resistance is at 2,538 ringgit, a break above which could lead to a gain into $2,571-$2,605.
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.