SINGAPORE: New York March cocoa may seek a support at $2,313 per tonne, and start a decent bounce thereafter.
The support is jointly provided by the 138.2% projection level of a downtrend from $2,665 and the July 20 low. The sharp fall from the Nov. 23 high of $2,598 has not been disrupted by a bounce yet.
Such a bounce may occur around $2,313. Cocoa may fail to break this level or briefly pierce it before reversing the downtrend.
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