SINGAPORE: New York July cocoa may test a support at $2,374 per tonne, following its failure to break a resistance at $2,482.

The support and the resistance are identified as the 23.6pc and the 38.2pc retracements of the downtrend from $2,936 ringgit to $2,201.

Cocoa failed twice to break $2,482. The failures suggest either an extended consolidation in the range of $2,374-$2,482 or a reversal of the uptrend from $2,201.

A break below $2,374 could cause a fall to $2,308 while a break above $2,482 could lead to a gain to $2,569.