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NY cocoa may retest resistance at $5,131

By Reuters News

SINGAPORE, Nov 13 (Reuters) - New York December cocoa may retest a resistance at $5,131 per metric ton, a break above which could lead to a gain into $5,195-$5,299 range.

The rise from $4,640 is classified as a bounce against the downtrend from $5,906. The exact endpoint of this bounce remains unknown.

The basic assumption is the bounce may extend further, as long as there is no convincing bearish reversal signal. Immediate support is at $5,027, a break below which could trigger a fall into $4,859-$4,923 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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