NY cocoa may end fall around $1,971

SINGAPORE: New York September cocoa may break a support at $2,056 per tonne and fall to $1,971, to complete a wave C from $2,594.

The support is identified as the 86.4 percent projection level of the wave C. Wave theory suggests that this wave is highly likely to end around $1,971.

The hourly RSI indicates the contract has been much oversold and has become technically very strong. A decent bounce is due. A break above $2,118 could lead to a gain to $2,209.

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