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These resistances are identified respectively as the 38.2 percent and the 50 percent retracements of the downtrend from $2,397 to $1,982.
A small high-low bottom forming around $1,982 suggests a target at $2,190. However, it is not very clear if cocoa could break $2,141 at its first attempt. Most likely it will fail.
Support is at $2,080, a break below which could cause a loss to $2,043.
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