SINGAPORE: New York December cocoa may edge up to $2,387 per tonne before reversing its uptrend and falling towards a range of $2,311 to $2,332.
The uptrend from $2,209 consists of five waves, with an unusual extended wave 1.
The contract is riding on a wave 5, which may end around $2,387, as suggested by a rising wedge.
A break below $2,343 could signal the reversal of the uptrend.