SINGAPORE: New York September cocoa may break a support at $2,401 per tonne and retreat to $2,376, as it failed to break a strong resistance at $2,453.
The resistance is identified as the 61.8% retracement of the downtrend from $2,590 to $2,232. The failure to overcome this barrier suggests the completion of the rise from $2,232.
A break above $2,421 could lead to a gain into $2,440-$2,453 range.
Note: The cocoa report is published twice a week - Wednesday and Friday.
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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.