SINGAPORE: New York September cocoa is expected to test a resistance at $2,526 per tonne, a break above which could lead to a gain into the range of $2,547-$2,570.
The resistance is identified as the 100pc projection level of an upward wave C from $2,228.
This wave may consist of five smaller waves. The fifth wave labelled 5 has just started, unfolding towards $2,547.
Support is at $2,485, a break below which could cause a loss limited to $2,456.
Note: Cocoa report is published twice a week - Wednesday and Friday.
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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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