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New York cocoa may retest support at $2,420
- The support is provided by the 100% projection level of a downward wave c from $2,528.
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SINGAPORE: New York September cocoa may retest a support at $2,420 per tonne, a break below which could cause a fall to $2,375.
The support is provided by the 100% projection level of a downward wave c from $2,528.
A double-top forming around $2,535 suggests a target of $2,325.
As a result, the bounce triggered by $2,420 could be short-lived.
A break above $2,461 may lead to a gain into $2,487-$2,528 range.