SINGAPORE: New York March cocoa may retest a resistance at $2,699 per tonne, a break above which could lead to a gain to $2,747.
The contract has broken a resistance at $2,629, the 61.8% retracement of the fall from $2,812. It is heading towards the next resistance at $2,699.
In the meantime, the contract has broken a resistance at $2,663, the 61.8% projection level of an upward wave c. Chances are this wave may travel to $2,801.
NY cocoa may revisit Jan. 20 high of $2,695
A correction from the current level may be limited to a support zone of $2,620-$2,629.
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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