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NY cocoa may drop into $2,686-$2,712 range
- The bearish divergence on the hourly RSI suggests a slim chance of cocoa to retest this resistance by end of this week.
SINGAPORE: New York cocoa may drop into $2,686-$2,712 range, following its failure to break a resistance at $2,821 per tonne.
The resistance is provided by the 276.4pc projection level of an uptrend from $2,332.
The bearish divergence on the hourly RSI suggests a slim chance of cocoa to retest this resistance by end of this week.
A break above $2,795 could lead to a gain into $2,821-$2,863 range.
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