New York cocoa signals mixed

• The resistance is identified as the 161.8pc projection level of an upward wave C from $2,188.
• Until cocoa breaks $2,992, the extension won't be confirmed.

SINGAPORE: Signals are mixed for New York March cocoa, as it approached a key resistance at $2,992 again.

The resistance is identified as the 161.8pc projection level of an upward wave C from $2,188.

This wave may either end around this resistance, or extend to a much higher level of $3,372.

Until cocoa breaks $2,992, the extension won't be confirmed.

A break below $2,934 could cause a fall to $2,875.