NY cocoa targets $2,605, attracted by wave b peak

SINGAPORE: New York March cocoa may break a resistance at $2,568 per tonne and rise towards $2,605.

A corrective wave cycle from the Oct. 4 high of $2,812 has completed. The wave b peaked at $2,665, which may be approached over the next few days.

Support is at $2,538, a break below which could be followed by a drop to $2,507.

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.