SINGAPORE: New York May cocoa may climb into a range of $2,303-$2,334 per tonne, as suggested by its wave pattern and a retracement analysis.
A double-zigzag completed at $2,203. The bounce from this level consists of three waves. So far, two waves have completed. The third wave labeled (c) is unfolding towards a range of $2,303-$2,334, which is formed by the 38.2 percent and the 50 percent retracements of the downtrend from $2,464 to $2,203.
Signals will turn neutral should cocoa fall into the range of $2,241-$2,265. A break below $2,241 could cause a loss into the zone of $2,203-$2,221.
* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of TECH/C to retrieve the original reports.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. 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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