SINGAPORE: New York December cocoa may fall into a range of $2,497-$2,521 per tonne, as it has broken a support at $2,552.
The contract is riding on a wave c, which could be equal to the wave a, to travel to $2,497. Strategically, this target will be available when cocoa breaks the immediate support at $2,521.
A break above $2,552 could lead to a weak gain to $2,573.
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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