The resistance is identified as the 38.2 percent projection level of a downward wave C from $2,369. Working together with this resistance are the other two at the March 6 high of $2,270 and the March 14 high of $2,266.
A small five-wave cycle from the March 21 low of $2,113 is ending. The immediate target will be $2,208, which is near the bottom of the wave 4. A fall below this target could be extended to $2,170.
This wave mode suggests the development of a medium-term uptrend. A break above $2,269 could lead to a gain to $2,307.
Note: Cocoa report is published twice a week, Wednesday and Friday.
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** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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.