SINGAPORE: New York May cocoa may test a support at $2,428 per tonne, with a good chance of breaking below this level and falling towards $2,371.
The bounce from $2,371 has been deeply reversed. The reversal signals a continuation of the downtrend from $2,761. Chances are the low of $2,371 may be revisited.
A break above $2,463 may lead to a gain to $2,520.
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