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NY cocoa to hover below $2,477
SINGAPORE: New York cocoa faces a resistance at $2,477 a tonne.
It may hover below this level or retrace to the...
SINGAPORE: New York cocoa faces a resistance at $2,477 a tonne.
It may hover below this level or retrace to the support at $2,452.
The resistance is identified as the 61.8% retracement of the downtrend from $2,559 to $2,344.
Raw sugar prices ease, coffee and cocoa edge higher
A small five-wave cycle could be ending around this resistance as well, increasing the chance of a correction.
A break above $2,477 could lead to a gain to $2,508.
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