SINGAPORE: New York July cocoa may break a resistance at $2,859 per tonne and rise further to the next resistance at $2,910, driven by a wave C.
This wave started at $2,474. It failed to overcome the barrier at $2,859 at its first attempt. The decent correction from $2,856 could have prepared it with enough momentum to clear this resistance.
Based on the depth of the correction, the wave C may extend to $2,993, its 238.2 percent projection level. A more realistic target could be $2,910. Support is at $2,801, a break below which could cause a loss into the range of $2,743-$2,775.
Note: Cocoa report will be published twice a week, on Wednesday and Friday.
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.
Source: Brecorder
