NY cocoa may retest resistance at $2,699

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.

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