NY cocoa may slide into $4,315-$4,419 range
CC•New York December cocoa may fall into a range of $4,315 to $4,419 per metric ton, with immediate resistance at $4,755.
1. Price outlook
New York December cocoa may slide into the $4,315-$4,419 range, driven by a wave c, after briefly extending below its 276.4% projection level of $4,691. The analysis says it is highly likely to move into the range formed by the 261.8% and 238.2% levels. Immediate resistance is $4,755; a break above it may trigger a weak bounce limited to $4,807-$4,859.
