SINGAPORE: New York May cocoa may drop into a range of $2,836-$2,855 per tonne, as indicated by the bearish divergence on the hourly MACD.
This is a leading signal of market weakness, generally preceding a decent correction.
Ivory Coast 2022/23 cocoa arrivals seen at 1.688mn T by March 5
The rise has been slowing down while cocoa is testing the resistance zone of $2,876-$2,889. A break above $2,926 could lead to a gain limited to $2,943.
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