New York Cocoa Could Rise to July 8 High of $2,606
Category: Cocoa
(Business Recorder) – New York December cocoa could break a resistance at $2,546 a tonne and rise towards the July 8 high of $2,606.
The resistance is identified as the 86.4pc retracement of the downtrend from $2,606 to $2,165.
It works as the last barrier towards $2,606.
Based on the consolidation range of $2,438-$2,502, cocoa may rise to $2,606. A correction from the current level may be limited to $2,502.
Note: Cocoa report is published twice a week – Wednesday and Friday.
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