SINGAPORE: New York March cocoa may test a resistance at $2,598 per tonne, a break above which could lead to a gain into $2,619-$2,641 range.

After sliding for a few days, the contract seems to have stabilized around a support of $2,544.

It is expected to bounce first.

It is not very clear if the uptrend has reversed, despite the deep drop from the Dec. 28 high of $2,671.

Ivory Coast 2022/23 cocoa arrivals seen at 1.259mn T by Jan. 1

The contract is riding on a wave 5, which may consist of either three or five waves.

A break below $2,544 could open the way towards $2,504-$2,526 range.