SINGAPORE: New York September cocoa may retest a support at $2,388 per tonne, a break below which could cause a fall towards $2,326.
The fall from the July 8 high of $2,589 has been controlled by two sets of retracements, respectively on the uptrend from $2,063 and from $2,148.
This fall looks far from complete. It followed the completion of a big corrective cycle from $2,063. It may eventually extend into the range of $2,264-$2,326.
Cocoa has bounced above $2,421. It may edge up a bit to $2,465. A further rise is less likely.
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. **
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