NY cocoa neutral in $2,784-$2,812 range

SINGAPORE: New York July cocoa looks neutral in a range of $2,784-$2,812 per tonne, and an escape could suggest a direction.

The range is formed by the 23.6 percent and the 14.6 percent retracement of the uptrend from $2,552 to $2,856. A break above $2,812 could lead to a gain to $2,835 while a break below $2,784 could cause a loss to $2,740.

The bias could be towards the downside, as the drop from $2,856 seems to have been driven by a wave 4, which looks incomplete.

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