SINGAPORE: New York March cocoa may seek a support at $2,313 per tonne, and start a decent bounce thereafter.
The support is jointly provided by the 138.2% projection level of a downtrend from $2,665 and the July 20 low. The sharp fall from the Nov. 23 high of $2,598 has not been disrupted by a bounce yet.
Such a bounce may occur around $2,313. Cocoa may fail to break this level or briefly pierce it before reversing the downtrend.
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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