SINGAPORE: New York July cocoa is expected to drop moderately to a support at $2,407 per tonne, before retesting a resistance at $2,462.
The contract is riding on a wave C, which is expected to travel above $2,552.
The first part of this wave completed around a falling trendline.
The second part is developing towards $2,407.
The wave C is expected to resume around $2,407.
A further fall below this level could make this wave count doubtful. A bearish target at $2,372 will be established then.
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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