SINGAPORE: New York July cocoa may rise into a range of $2,463-2,493 per tonne, as it has stabilized around a support at $2,369.

The support is provided by the 76.4pc projection level of an upward wave C from $2,215.

A short rising trendline remains intact, which suggests an extension of the uptrend towards $2,540.

A break below $2,389 may cause a fall into $2,339-$2,369 range.