SINGAPORE: New York cocoa may drop into a range of $2,488 to $2,509 per tonne, as suggested by a projection analysis and a head-and-shoulders.
The pattern has been confirmed, as its neckline was broken.
It suggests a target of $2,453. A realistic target will be $2,509 or $2,488.
Raw sugar, arabica coffee hit fresh one-month highs
A break above $2,573 will not only lead to a gain to $2,601, but also make the pattern invalid.