NY cocoa may fall to $5,465

By Reuters News

SINGAPORE, Oct 23 (Reuters) - New York December cocoa may fall to $5,465 per metric ton, as it has broken a support at $5,633.

A wave c from $5,905 has travelled below its 61.8% projection level of $5,633. It is highly likely to extend to the 100% level of $5,465.

A channel technique suggests a much lower target of $5,194. Resistance is at $5,633, a break above which may lead to a gain into the $5,685-$5,737 range.

* The cocoa report is published every Wednesday and Friday.

** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are exclusively published on Workspace - a platform provided by London Stock Exchange.

*** No information in this analysis should be considered as being business, financial, or legal advice. 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.


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