New York September cocoa ICEUS:CC1! may retest a resistance at $5,234 a metric ton, a break above which could lead to a gain into the $5,318-$5,464 range.
The contract is riding on a wave 5, the fifth wave of a five-wave cycle from $3,780. This wave is capable of travelling far above the peak of the wave 3 around $5,318.
Immediate support is at $5,008, a break below which may trigger a fall into the $4,845-$4,935 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 - a 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.