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NY cocoa to rebound to $2,924/T
SINGAPORE : New York cocoa will rebound to $2,924 per tonne, as it has completed a five-wave cycle.
The cycle develo
SINGAPORE: New York cocoa will rebound to $2,924 per tonne, as it has completed a five-wave cycle.
The cycle developed from the Aug. 31 high of $3,145 and ended at $2,787. A decent rebound has started towards $2,924, the 38.2 percent Fibonacci retracement.
Technically, cocoa is strongest now, as a bullish divergence formed on the MACD indicator, and a chance is remote for it to revisit $2,787.
Copyright Reuters, 2011
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