SINGAPORE: New York cocoa will rise to $2,396 per tonne, as it has completed a retracement from the Feb. 28 high of $2,454.
The retracement is labelled a wave "c", the final wave of a three-wave cycle that started at the Feb. 23 high of $2,467.
A Fibonacci retracement analysis points to $2,396 as an immediate target, which is the 61.8 percent level on the fall from $2,454 to $2,301.
The upside will not be limited to this level, as a rise above $2,396 will extend to $2,454.
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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