Markets
NY cocoa may test support at $2,531
- The contract has broken a higher support at $2,573, the 38.2pc retracement of the uptrend from $2,355 to $2,707.
1 min
By
SINGAPORE: New York cocoa may test a support at $2,531 per tonne, a break below which could cause a fall to $2,489.
The contract has broken a higher support at $2,573, the 38.2pc retracement of the uptrend from $2,355 to $2,707.
It may test the next support at $2,531. Another retracement analysis on a longer uptrend from $2,115 to $2,707 suggests a target of $2,481.
Resistance is at $2,573, a break above which may lead to a gain to $2,624.