Cocoa Drop Pauses at Multiple Support Area
16 June 2011
MONTHLY CHART -CONTINUATION
The drop back from the 3826 peak recently tested the 38.2% pullback of prior 2004/2011 upmove, at 2860. Also note the rising support line nearby -we keep a lookout for better support to emerge here.
DAILY CHART -Sep-11:
See how support continues to be influential from the recently-eroded 76.4% pullback. With potential support suggested by the longer term continuation chart too we must be on the lookout for a recovery phase getting underway.
This would mean lower levels such as the Sep-10 low and 2660 equality target ( (Mar downmove extended off the late Apr 3351 high) stay out of reach for now.
Initial resistance has come from the 23.6% recovery level (of the whole downmove from Mar) with higher 3165 38.2% and 3280 channel top projection looking more key at this stage.
Next story:
USD/CHF Bears Show Short Term Fatigue 
Previous story:
Growth woes hit the S&P