The contract failed to break a resistance at $2,505, the 14.6% retracement on the uptrend from $2,228 to $2,552. The failure suggests the development of a double-zigzag, which consists of seven waves in total.
The fifth wave labelled a is unfolding towards $2,428. A break above $2,505 could lead to a gain to $2,552.
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. **