TECHNICALS-NY cocoa could test support at $4,315

Parker-Hannifin Corporation

Parker-Hannifin Corporation

PH

0.00

For more technical analyses, please click TECH/C

SINGAPORE, May 8 (Reuters) - New York July cocoa CCN6 could test support at $4,315 a metric ton, a break below which could trigger a fall into a range of $4,167-$4,230.

After its failure to break resistance at $4,555, the contract started a correction. A gap has been partially covered, which looks like an exhaustion type, as it appeared after a prolonged sharp rise.

The gap generally is seen at the end of a rally. Resistance is at $4,463, a break above which could lead to a gain into a range of $4,555-$4,629.

* 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.

*** 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. ​


This page is machine-translated. Sahm tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation. *Disclaimer: The above content only represents the author's personal position and opinion and does not represent any position of Sahm Capital Financial Company and Sahm cannot confirm the authenticity, accuracy, and originality of the above content. Investors should consider the risks of investment products in light of their circumstances before making any investment decisions. When necessary, please consult a professional investment advisor. Sahm does not provide any investment advice, nor does it make any commitments and guarantees.