SINGAPORE: New York cocoa may retest a resistance at $2,585 per tonne, probably after a shallow drop to $2,495.

The resistance is identified as the 38.2% retracement of the downtrend from $$2,821 to $2,439. The rise from $2,439 consists of three waves.

The current wave b may end around $2,495, to be reversed by the wave c. A break below $2,495 could cause a fall into $2,439-$2,466 range.

Note: The cocoa report is published twice a week - Wednesday and Friday.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.