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06th Jun - Cocoa Rallies off 61.8% Support

06 June 2013

WEEKLY CHART – CONTINUATION:

Earlier recovery from the 76.4% retracement area paused. Following a correction the market could be ready to forge higher once more.

DAILY CHART – Jul-13:

The correction recently found clear support from the 61.8% level, with lower 76.4% staying out of reach for now.

We wait to see if the current bounce has the energy to regain and overcome the 2437 03-May high. Success would turn focus on the 2560 dual resistance level (Dec-12 high and 76.4% recovery).

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