TECHNICALS-NY cocoa may retest support at $4,463

SINGAPORE, May 13 (Reuters) - New York July cocoa CCN6 may retest a support at $4,463 a metric ton, a break below which could trigger a fall into a range of $4,230 to $4,315.

The contract failed to break a key resistance at $4,703, the 261.8% projection level of an uptrend from $3,060. The bearish divergence on the hourly MACD suggests a slim chance of the contract to retest this barrier.

The current correction is expected to consist of three waves. The third wave, the wave c, is capable of travelling below $4,463.

A break above $4,629 may lead to a gain into $4,703 to $4,794 range.

The cocoa report is published every Wednesday and Friday.

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. ​