TECHNICALS-NY cocoa may fall into $3,578-$3,641 range

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SINGAPORE, May 22 (Reuters) - New York July cocoa CCN6 may break support at $3,727 a metric ton, and fall into $3,578-$3,641 range.

A head-and-shoulder suggests a target of $3,487. The consolidation above $3,727 is expected to end very soon, as the market is approaching this level again.

Resistance is at $3,818, a break above which could lead to a gain into $3,875-$3,966 range.

* The cocoa report is published every Wednesday and Friday.

** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are exclusively published on the Workspace platform - a London Stock Exchange product.

*** No information in this analysis should be considered as being business, financial or legal advice. 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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