SINGAPORE: New York March cocoa may test a support at $2,418 per tonne, a break below which could open the way towards $2,382.

The contract has broken a key support at $2,471, the 61.8% retracement and a rising trendline. It is highly likely to revisit the low of $2,333.

A wave B ended around the support at $2,418. Chances are cocoa may fail to break this support in its first attempt. The failure may be followed by a bounce.

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