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Saturday, October 1, 2022

NY cocoa neutral in $2,331-$2,387 range

SINGAPORE: New York cocoa looks neutral in a range of $2,331-$2,387 a tonne and an escape could suggest a direction.

The contract failed twice to break a falling trendline.

The failures could be the leading indicator of the downtrend to extend.

NY cocoa to hover below $2,477

However, until cocoa falls below $2,331, the extension will not be confirmed. A break above $2,387 could open the way towards a range of $2,406 to $2,437.

NY cocoa neutral in ,331-,387 range

Source: Brecorder

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