Wednesday, 11 November 2015 18:03
SINGAPORE: New York December cocoa may revisit its Nov. 3 high of $ 3,300 per tonne, as the correction from this level has almost been reversed.
The reversal suggests a resumption of the uptrend from the Oct. 12 low of $ 3,026.
In the meantime, a wedge developing from July 14 could turn out to be a bullish continuation pattern, to be followed by an uptrend.
Before climbing up, cocoa may first retrace to a support at $ 3,235, the 23.6 percent Fibonacci retracement on the uptrend from the Oct. 12 low of $ 3,026 to $ 3,300.
The downtrend from $ 3,300 will be deemed to have resumed should cocoa break $ 3,235.
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.
