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New York cocoa may retrace to $2,226 before rising
- The support and the resistance are identified as the 176.4pc and the 138.2pc projection levels of a downward wave C from $2,439.
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SINGAPORE: New York Sept. cocoa may retrace moderately to a support at $2,226 before retesting a resistance at $2,272 per tonne.
The support and the resistance are identified as the 176.4pc and the 138.2pc projection levels of a downward wave C from $2,439.
A falling trendline establishes a resistance around $2,272 as well.
However, cocoa may retest the resistance, as suggested by the bullish divergence on the hourly MACD.
A break above $2,272 could lead toa gain into $2,289-$2,318 range.