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Saturday, September 23, 2023

NY cocoa to test resistance at $3,228

NY cocoa to test resistance at ,228SINGAPORE: New York December cocoa is expected to test a resistance at $ 3,228 per tonne, a break above which could open the way towards the next resistance at $ 3,284.

These resistances are provided respectively by the 61.8 percent and the 76.4 percent Fibonacci retracements on the fall from the July 15 high of $ 3,375 to the Aug. 24 low of $ 2,989.

Wave pattern shows that cocoa is riding on a wave c, the third wave of a three-wave cycle from $ 2,989.

This wave may travel a similar distance as the first wave, the wave a, to end around $ 3,215, its 100 percent Fibonacci projection level.

Based on this presumption, the chance of a break above $ 3,228 could be very low.

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.

Copyright Reuters, 2015

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