NY cocoa may bounce toward $5,741

By Reuters News

SINGAPORE, Oct 2 (Reuters) - New York December cocoa may bounce further toward its September 28 high of $5,741 per metric ton, as a five-wave cycle from $6,819 has completed.

The completion was indicated by the strong surge from $5,054 and the bullish divergence on the hourly RSI. The peak of the wave d at $5,741 serves as a target.

Strategically, the target will be confirmed when the market breaks $5,478.

* 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.


tech https://tmsnrt.rs/3U5x3Yu

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.