SINGAPORE: New York July cocoa may drop to $2,414 per tonne, following its failure to break a resistance at $2,523. The failure suggests the completion of the rise from $2,317 or the first round of this rise.

Cocoa has broken a support at $2,474. It may test the next support at $2,414.

Only a break above $2,523 could confirm the continuation of the uptrend towards $2,571-$2,631 range.

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