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The resistance and the support are identified respectively as the 100 percent and the 86.4 percent projection levels of an upward wave C from $1,991.
From Feb. 16, each time cocoa approached a resistance, it either hovered below the resistance or dropped a bit. This behaviour is observed around $2,167, $2,208 and $2,236.
Same behaviour is anticipated when the stronger resistance at $2,275 remains intact. A break above $2,275 could lead to a gain into $2,316-$2,342.
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