NY Cocoa May Test Resistance at $5,829

New York December cocoa (ICEUS:CC1!) may test resistance at $5,829 per metric ton. A break above this level could lead to a gain toward $5,920. Further analysis suggests a potential extension to $6,068 if a wave C from $5,054 continues to its 161.8% projection level. However, a break below $5,681 would alter this outlook.