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SINGAPORE: New York December cocoa may retest a support at $2,366 per tonne, a break below which could open the way towards $2,343-$2,353 range.
The uptrend from $2,209 could be well divided into five waves.
This structure, along with the deep fall from the Thursday high of $2,422, confirms a reversal of the uptrend.
NY cocoa may edge up to $2,387 before falling
A break above $2,387 may lead to a gain into $2,400-$2,408 range.