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cocoaSINGAPORE: New York cocoa has fallen below a range of 2,654-$2,761, and is heading towards $2,547 per tonne.

The consolidation in the range has released a stronger bearish momentum to drive the price lower, and based on the price difference between the high and the low of the range the contract is expected to reach $2,547.

A rise to $2,670 will keep the signals neutral until the low at $2,630 is broken, and the $2,547 level will be retargeted.

Copyright Reuters, 2011

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