NY cocoa to fall rapidly to $2,285/T

SINGAPORE: New York cocoa will fall to $2,285 per tonne, as a downtrend is firm towards this 261.8 percent Fibonacci projection level.

After piercing below $2,468, cocoa pulled back, but failed to break above it, indicating the bearish sentiment is still very strong, and the following decline could be sharp.

With a lower low at $2,376 touched on Nov. 25, chances are slim for cocoa to start a similar rebound as the one from the Nov. 22 low of $2,395 to $2,466.

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