SINGAPORE: New York March cocoa may rise more to $2,642 per tonne, as it has pierced above a resistance at $2,587.
The resistance is identified as the 76.4% projection level of an upward wave C from $2,408. This wave is expected to travel to $2,642.
A correction from the current level may be limited to a support zone from $2,567 to $2,576.
NY cocoa may test resistance at $2,455
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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