SINGAPORE: New York September cocoa may bounce into a range of $2,311-$2,336, as it has stabilized around a support at $2,271 per tonne.
The downtrend is driven by a wave C, which may end around $2,271 or extend to $2,232. The stabilization shows early signals of a trend reversal.
A break below $2,271 could open the way towards the $2,232-$2,252 range. Charts that are not available in reports can be received in email through “Alert”. To view charts, use news code to retrieve the original reports.
Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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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