NY cocoa may fall toward $5,529

By Reuters News

SINGAPORE, Sept 16 (Reuters) - New York December cocoa may break support at $5,776 per metric ton and fall toward $5,529.

The bounces above this support are classified as a pullback toward a rising trendline. They were partially driven by a wave b, the second wave of a three-wave cycle from $6,821.

This wave is expected to be reversed by the downward wave c.

Resistance is at $5,951, a break above which may lead to a gain into $6,048 to $6,206 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 the Workspace platform - London Stock Exchange product.

*** 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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