SINGAPORE: New York December cocoa is expected to break support at $2,307 per tonne and fall into the $2,280-$2,294 range.

The bounce from the Oct. 19 low of $2,275 failed to extend above $2,334.

The failure marks the completion of the bounce, or its first part. Either the downtrend from $2,407 has resumed, or the second wave of a three-wave cycle has started.

NY cocoa may edge up to $2,387 before falling

Under both scenarios, cocoa may fall to $2,294 first.

A stabilization of the price around $2,307 could be followed by an extension of the bounce towards the $2,334-$2,368 range.