SINGAPORE: New York September cocoa may rise into a range of $2,376-$2,401, following its failure to break a support at $2,336 per tonne.
The support is provided by the 100% projection level of a downward wave C from $2,505.
This wave may either end around $2,336 or extend far beyond it.
The reaction of the market around this support suggests the completion of this wave.
A break below $2,336 could confirm the extension of the wave C towards $2,296-$2,311 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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