SINGAPORE, April 28, 2011 - New York cocoa will rise more to $3,255 per tonne, as the current wave has not completed.
A surge on Wednesday has confirmed an upward wave "C", progressing towards the 100 percent Fibonacci projection level at $3,255, based on the length of the wave "A".
The upside of the wave "C", however, could be extended to $3,400, the 161.8 percent Fibonacci projection level, should the resistance at $3,255 be cleared.
There may not be a retracement before $3,255, as the strong bullish momentum gained during the previous trading session may continue to push cocoa up.
Source: reuters
