New York cocoa neutral in $5,681-$5,829 range
CC•New York December cocoa looks neutral between $5,681 and $5,829 per metric ton. A break above $5,829 may lead to $5,920-$5,994, while a break below $5,681 may open a path to $5,533-$5,596.
1. Cocoa trading range
New York December cocoa looks neutral in a range of $5,681-$5,829 per metric ton. Resistance at $5,994 triggered two corrections, and the first correction on October 14 defined a wider neutral range of $5,681-$5,994.
2. Possible breakout levels
Trending signals may become clearer when the market leaves the range. A break above $5,829 may lead to $5,920-$5,994, while a break below $5,681 may open the way toward $5,533-$5,596.
