After reaching a three-month low at the start of November, Mar-21 NY cocoa pushed higher, finding resistance last week near $2,365 (Fibonacci retracement) and below $2,385 (the 20-day average). The contact fell back below those levels last week but rallied strongly in the last three sessions to a close slightly below the upper Bollinger Band and retracement resistance above $2,515.

Support may lie near $2,500, $2475, and from $2,410 to $2,400. Further resistance may be above $2,560 and from $2,590 to $2,600.

Mar-21 NY cocoa futures

Source: DTN
Posted by: Information Services
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