OREANDA-NEWS. February 10, 2015. New York March cocoa is expected to test a resistance at \\$2,799 per tonne, a break above which will open the way towards the next resistance at \\$2,882.

These two resistances are identified respectively as the 38.2 percent and the 23.6 percent Fibonacci projection levels of a downward wave C, the third wave of a three-wave cycle that developed from the Sept. 25, 2014 high of \\$3,349.

This wave has been disrupted by the rebound from the Feb. 2 low of \\$2,669, which may extend to \\$2,799 or a higher level. Support will be at \\$2,732, the 50 percent level, a break below which will open the way towards \\$2,664, the 61.8 percent level.

Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.