SINGAPORE: New York July cocoa is expected to test a support at $2,414 per tonne, a break below which could cause a fall to $2,377.

The rise from $2,317 observed closely a set of retracements of the downtrend from $2,728 to $2,317. After breaking $2,474, cocoa is expected to test the next support at $2,414.

A break above $2,474, now a resistance, could lead to a gain to $2,523.

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

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