SINGAPORE: New York September cocoa may seek a support at $2,496 per tonne and then resume its rally.
The support is provided by the 23.6% projection level of an upward wave C from $2,420. This wave was disrupted by a resistance at $2,582. The drop triggered by this barrier looks like a pullback towards a falling trendline.
A break below $2,496 could cause a further slide to $2,467, while a break above $2,544 may signal the continuation of the wave C towards $2,582.
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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