SINGAPORE: New York March cocoa may test a resistance at $2,596 per tonne, and a break could lead to a gain to $2,651.

The contract is riding on a wave c from $2,417, which is expected to travel to $2,651, as it has pierced a resistance at $2,562.

This wave is unlikely to end around this resistance. Support is at $2,534, a break below which could cause a fall into $2,472-$2,506 range.

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