SINGAPORE: New York December cocoa may break a support at $2,572 per tonne and drop to $2,537, probably after a minor bounce.
The rise from $2,537 has been so much reversed that this low is highly likely to be revisited. However, a bullish divergence appeared on the hourly RSI.
It signals a dissipation of the bearish momentum and a coming bounce.
A break above $2,597 could lead to a gain into $2,621-$2,634 range.
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
