Markets

New York cocoa may rebound to $2,988/T

SINGAPORE : New York cocoa is expected to rebound to $2,988 per tonne, based on its wave pattern and a Fibonacci project

Published June 9, 2011 Updated June 9, 2011 07:25am

1 min

Comments

By Syed Murtaza Gheblehzadeh

Add BRecorder as a trusted
source on Google

A bottom could have formed around $2,870, strengthening a previous support at $2,877, a low touched on May 24.

The current rebound could have adopted an "a-b-c" corrective wave mode, with the wave "c" travelling towards the $2,988, the 100 percent Fibonacci projection level.

Support is at $2,890, a break below which signals a medium-term downtrend could have resumed.

Read Comments