SINGAPORE: New York March cocoa may revisit its Jan. 20 high of $2,695 per tonne, as it has broken a resistance at $2,635.
This resistance is the last barrier towards $2,695.
The next resistance at $2,660 may be simply ignored.
The downtrend from $2,695 is unlikely to extend, as it has been so much reversed.
Caution should be observed when cocoa breaks the support at $2,598, as this break could both open the way towards $2,537-$2,568 range and signal a resumption of the downtrend from $2,695.
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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