TECHNICALS-NY cocoa may fall toward $5,068

Parker-Hannifin Corporation

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SINGAPORE, July 17 (Reuters) - New York September cocoa CCU6 may break a support at $5,309 a metric ton and fall toward $5,068.

A wave c from $6,087 is driving the market toward $4,997, its 100% projection level. The current support at $5,09 is considered very weak and unable to hold.

Resistance is at $5,457, a break above which may lead to a gain into the $5,578-$5,698 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. ​


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