SINGAPORE: New York July cocoa may drop into a range of $2,989-3,002 per tonne, as suggested by a riding channel.
The drop from the May 22 high of $3,079 looks deep enough to suggest a reversal of the uptrend from the May 15 low of $2,945.
Three waves make up the short trend.
The wave b ended at $2,971, which serves as a target, while the channel line indicates a nearer target of $2,989.
Ivory Coast 2022/23 cocoa arrivals seen at 1.688mn T by March 5
Resistance is at $3,030, a break above which could lead to a gain into $3,045-$3,061 range.
Source: Brecorder
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