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NY cocoa to drop to $3,303

NY cocoa to drop to ,303SINGAPORE: New York September cocoa may drop to $ 3,303 per tonne as it has broken support at $ 3,349.

Support was provided by the 200 percent Fibonacci projection level of an upward wave c, the third wave of a three-wave cycle that developed from the March 30 low of $ 2,679.

The next support will be at $ 3,303, the 186.4 percent level.

The bearish divergence on the daily RSI strongly suggests cocoa has been much overbought and a correction is due.

The target will be aborted should cocoa rises above $ 3,359.

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.

Copyright Reuters, 2015

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