SINGAPORE: New York September cocoa may test a resistance at $2,445 per tonne and rise to $2,471, driven by a wave C.
This wave developed from $2,333. It has travelled above its 38.2% projection level of $2,418. It is likely to extend into a range of $2,471-$2,556.
A break below $2,418, now a support, may cause a fall to $2,386.
Note: The 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.
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