NY cocoa may drop into $2,583-$2,598 range

SINGAPORE: New York March cocoa may drop into $2,583-$2,598 range, as it failed to break a resistance at $2,598 per tonne.

The nature of the current rise remains unknown, even though it has reversed so much of the fall from the Dec. 28, 2022 high of $2,671.

A closer examination on the tiny waves of the rise suggests a completion of a corrective wave cycle. Under this scenario, cocoa may drop deeply towards $2,561-$2,583 range.

A break above $2,641 could lead to a gain to $2,655-$2,677 range.