New York cocoa may retest resistance at $2,445

• The resistance is identified as the 14.6pc retracement of the uptrend from $2,201 to $2,487.
• A correction from $2,487 has been shaped into a triangle, which has been more or less confirmed as a bullish continuation pattern, suggesting a target around $2,550.

SINGAPORE: New York July cocoa may retest a resistance at $2,445 per tonne, a break above which could lead to a gain into $2,467-$2,487 range.

The resistance is identified as the 14.6pc retracement of the uptrend from $2,201 to $2,487.

A correction from $2,487 has been shaped into a triangle, which has been more or less confirmed as a bullish continuation pattern, suggesting a target around $2,550.

Support is at $2,420, a break below which could cause a fall to $2,378.