New York cocoa may retreat to $2,875

• The resistance is identified as the 161.8pc projection level of an upward wave C from $2,188.
• The failure to overcome this barrier suggests a completion of the wave C.

SINGAPORE: New York March cocoa may retreat to $2,875 per tonne, as it failed to break a key resistance at $2,992.

The resistance is identified as the 161.8pc projection level of an upward wave C from $2,188.

The failure to overcome this barrier suggests a completion of the wave C.

A break below $2,875 could cause a fall to $2,802, while a break above $2,992 may lead to a gain to $3,065.