NY cocoa may fall to $2,417

SINGAPORE: New York March cocoa may fall to $2,417 per tonne, as a bounce from the December 1, 2021 low of $2,333 may have completed.

The completion was indicated by a deep fall from the Dec. 30, 2021 high of $2,576.

The fall has briefly extended below a rising wedge which proved to be a bearish continuation pattern.

Resistance is at $2,506, a break above which could lead to a gain into $2,534-$2,562 range.

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