NY cocoa to rise to $2,459

SINGAPORE: New York Dec. cocoa is likely to rise more to $2,459 per tonne, driven by an upward wave c.

This wave extends a rebound from the Oct. 29 low of $2,343 towards $2,459, the 61.8 percent Fibonacci projection level of a bigger wave (c), which may eventually travel to $2,531, its 100 percent Fibonacci projection level.

Support is at $2,400, a break below which will make the signals neutral, but a further drop below the Oct. 31 low of $2,364 would suggest the rebound from $2,343 has ended.

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