SINGAPORE: New York March cocoa may test a support at $2,611 per tonne, a break below which could cause a fall into $2,558-$2,585 range.
The contract failed to break a resistance at $2,665.
The failure suggests the completion of a rise from the March 1 low of $2,471.
The drop triggered by the resistance also looks deep enough to confirm a reversal of the uptrend.
A break above $2,665 could lead to a gain to $2,698.
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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