New York cocoa may test resistance at $2,683

• The resistance is provided by the 100pc projection level of an upward wave C from $2,188.
• The correction triggered by the resistance could have ended around a support at $2,616.

SINGAPORE: New York March cocoa may test a resistance at $2,683 per tonne, a break above which could lead to a gain to $2,755.

The resistance is provided by the 100pc projection level of an upward wave C from $2,188.

This wave looks far from complete. It may eventually travel to $2,989.

The correction triggered by the resistance could have ended around a support at $2,616.

A second failure to break $2,683 would signal an extension of the correction towards $2,616 again.