New York cocoa may fall to $5,465
CC•New York December cocoa may fall to $5,465 per metric ton after breaking support at $5,633. A channel technique suggests a lower target of $5,194, while resistance at $5,633 could lead to a rise to $5,685-$5,737.
1. Technical outlook
New York December cocoa may fall to $5,465 per metric ton after breaking support at $5,633. A wave c from $5,905 has moved below its 61.8% projection level of $5,633 and is highly likely to extend to the 100% level of $5,465. A channel technique suggests a lower target of $5,194. Resistance is at $5,633; a break above it may lead to a gain into the $5,685-$5,737 range.
