SINGAPORE: New York December cocoa may test a resistance at $2,260 per tonne, a break above which could open the way towards $2,319.
The resistance is identified as the 23.6% retracement of the downtrend from $2,567 to $2,165. The trend may have reversed, as suggested by the bounce from $2,165 and the bullish divergence on the hourly MACD. A falling channel suggests a bounce target around $2,290.
Support is at $2,224, a break below which may cause a fall limited to $2,193.
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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