SINGAPORE: New York July cocoa may rise to $2,526 per tonne, as it has cleared a resistance at $2,434.
The resistance is identified as the 50pc retracement of the downtrend from $2,825 to $2,043.
The next resistance will be at $2,526, a break above which could open the way towards $2,640.
A break below $2,434, now a support, could cause a loss to the May 23 low of $2,392.
Note: Cocoa report is published twice a week, Wednesday and Friday.
Charts are not available in reports received in email box through "Alert". To get charts, use the news code of 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.
Comments
Comments are closed for this article.