New York cocoa may rise to $2,875

• The resistance is provided by the 123.6pc projection level of an upward wave C from $2,188.
• Support is at $2,758, a break below which may cause a fall to $2,685.

SINGAPORE: New York March cocoa may rise to $2,875 per tonne, as it has pierced above a resistance at $2,802.

The resistance is provided by the 123.6pc projection level of an upward wave C from $2,188.

This wave may travel into a range of $2,875-$2,992.

Support is at $2,758, a break below which may cause a fall to $2,685.