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SINGAPORE: New York March cocoa may stabilize around a support at $2,653 and test a resistance at $2,707 per tonne.
The fall from $2,838 has been controlled by two sets of retracements, respectively, on the uptrend from $2,495 and the one from $2,355.
A five-wave cycle from $2,838 seems to have completed around $2,653.
A break above $2,707 could lead to a gain to $2,757 while a break below $2,653 could open the way towards the range of $2,597-$2,626.
Cocoa futures fall sharply, sugar and coffee also down
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