Friday, 31 July 2015 15:21
SINGAPORE: New York Sept. cocoa still targets $ 3,256 per tonne, as it has climbed above a resistance at $ 3,216.
The resistance was provided by the 50 percent Fibonacci retracement on the rise from the June 1 low of $ 3,046 to the July 15 high of $ 3,386. The next resistance will be at $ 3,256, the 38.2 percent level, which could be the limit to the current rebound.
The drop from $ 3,386 is far from complete, as it is against a five-wave cycle that developed from the March 30 low of $ 2,679. A fall to $ 3,202 could be extended to $ 3,176, the 61.8 percent level.
