21st Jun - Cocoa Reluctant to Recover off Long Term 76.4%
21 June 2012
MONTHLY CHART - CONTINUATION
Good support came from a long term 76.4% level in late 2011.
The initial recovery attempt was held in check near the Sep-10 low, which needs to be overcome to trigger a better recovery phase.
DAILY CHART - Sep-12:
The recent bounce off support from the base of the range marked by the 2038 Dec-11 low has so far been capped by falling resistance around 2300 currently.
The first positive sign at this stage would be a clear breach of this, the second would be a push beyond the 2533 Jan high.
Meanwhile, the long term 76.4% support remains at risk of further attack.
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