Cocoa for May delivery added 0.3 percent to $3,632 a ton in New York. Cocoa for May delivery rose 0.3 percent to 2,331 pounds ($3,799) a ton in London.
coffee prices
May coffee closed down 275 points at 268.95 cents. Prices closed near mid-range and saw profit-taking pressure. Coffee bulls still have the solid overall near-term technical advantage. There are no early technical warning signals to suggest a market top is close at hand. Bulls' next upside breakout objective is to close prices above solid technical resistance at 280.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 260.00 cents a pound. First resistance is seen at 270.00 and then at 272.50 cents. First support is seen at yesterday's low of 265.55 cents and then at 262.50 cents.
cocoa prices
May cocoa closed down 52 points at $3,643 a ton. Prices closed nearer the session high yesterday in a big trading range day. Profit taking was featured. Prices hit a fresh contract and all-time high yesterday and then reversed course to close lower and score a bearish "key reversal" down on the daily bar chart, which is one early technical clue of a market top being in place. Cocoa bulls do still have the overall near-term technical advantage at present.
The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at yesterday's contract high of $3,712. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $3,500. First resistance is seen at yesterday's contract high of $3,712 and then at $3,750. First support is seen at $3,600 and then at $3,550. For the latest updates PRESS CTR + D or visit Stock Market news Today
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