SINGAPORE: New York May cocoa may retest a support at $2,422 per tonne, a break below could open the way towards $2,389.

The contract is riding on a wave c, which has briefly pierced below its 138.2% projection level of $2,422. Chances are it may extend to $2,389.

A break above $2,476 could lead to a gain into $2,509-$2,530 range.

Note: The cocoa report is published twice a week - Wednesday and Friday.

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