NY cocoa may fall to $2,063

12 Dec, 2018

The support is provided by the 76.4 percent retracement on the uptrend from $2,008 to $2,410. It is the third time that cocoa tests this support. Most likely it will succeed.

It is also the second time that cocoa broke a rising trendline. The break is reliable. It indicates cocoa may revisit the low at $2,008. A rise above the trendline resistance around $2,130 could lead to a gain limited to $2,162.

 

Copyright Reuters, 2018
 

 

 

 

Read Comments