SINGAPORE: New York December cocoa may test a support at $2,451 per tonne, a break below which could cause a fall into $2,339-$2,408.
The contract is riding on a wave C from $2,632, which is expected to travel to $2,339.
The support at $2,451 may trigger a weak bounce limited to $2,486.
A further gain, however, could be extended into a range of $2,520-$2,563.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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