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NY cocoa may retest resistance at $2,067

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These resistances are identified respectively as the 100 percent and 114.6 percent Fibonacci projection levels of an upward wave C, the third wave of a three-wave cycle from the Aug. 16 low of $1,830.

This wave is capable of traveling to $2,067. The pattern from the April 20 low of $1,794 looks like a triple-bottom, which also suggests a further gain from the current level.

Support is at $2,025, a break below which could cause a loss into the range of $1,978-$1,999.

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.

 

Copyright Reuters, 2017