NY cocoa may briefly touch $2,943 and fall

SINGAPORE: New York May cocoa may briefly touch $2,943 per tonne, and turn around to fall towards the $2,889-$2,909 range.

The surge from the Thursday low of $2,848 cannot be properly explained, as the uptrend from $2,604 seems to have reversed at Tuesday’s high of $2,922.

Only a projection analysis vaguely suggests a gain to $2,943, the ultimate high that cocoa could reach.

NY cocoa may fall into $2,836-$2,855 range

A break above $2,943 may lead to a further rise to $2,963, while a break below $2,909 could cause a drop into the $2,876-$2,889 range.