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SINGAPORE: New York cocoa will fall below a support at $2,511 per tonne and head towards $2,468, as indicated by its wave pattern and a Fibonacci projection analysis.
The support is the 138.2 percent Fibonacci projection level of a downward wave "c", and a break below it will open the way to $2,468, the 161.8 percent level.
The contract will remain neutral until it escapes from the range of $2,511-$2,581, and a rise above $2,581 will extend to $2,645.
No information in this analysis should be considered as being business, financial or legal advice. 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.
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