NY cocoa may retest support at $2,470

SINGAPORE: New York May cocoa may retest support at $2,470 per tonne, a break below which could cause a fall to $2,425.

The support is provided by the 50% projection level of a wave C from $2,661. This wave looks incomplete. It may extend to or below $2,425.

Resistance is at 2,538 ringgit, a break above which could lead to a gain into $2,571-$2,605. Note: The cocoa report is published twice a week - Wednesday and Friday.

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