NY cocoa may fall to $2,371

SINGAPORE: New York May cocoa may test a support at $2,428 per tonne, with a good chance of breaking below this level and falling towards $2,371.

The bounce from $2,371 has been deeply reversed. The reversal signals a continuation of the downtrend from $2,761. Chances are the low of $2,371 may be revisited.

A break above $2,463 may lead to a gain to $2,520.

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.