SINGAPORE: New York cocoa may retest a support at $2,475 per tonne, a break below which could cause a fall into $2,436-$2,451 range.

The contract is riding on a wave c from $2,640. Five smaller waves make up the wave c. So far, only four waves have unfolded.

The fifth wave labelled 5 may travel into a range of $2,436-$2,451, formed by the 123.6pc and the 114.6pc projection levels of the wave c.

Resistance is at $2,514, a break above which could lead to a gain into the zone of $2,538-$2,558.