TECHNICALS-NY cocoa may fall into $3,731-$3,817 range

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SINGAPORE, June 5 (Reuters) - New York July cocoa CCN6 may break the support at $3,919 a metric ton, and fall into a range of $3,731-$3,817.

The contract is presumed to be riding on a wave c, the third wave of a correction from the May 27 high of $4,334. This wave is supposed to travel below the bottom of wave a.

Resistance is at $4,084, a break above which could lead to a gain to $4,218.

* 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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