SINGAPORE: New York cocoa may drop into $2,686-$2,712 range, following its failure to break a resistance at $2,821 per tonne.

The resistance is provided by the 276.4pc projection level of an uptrend from $2,332.

The bearish divergence on the hourly RSI suggests a slim chance of cocoa to retest this resistance by end of this week.

A break above $2,795 could lead to a gain into $2,821-$2,863 range.