BEARISH ON US COCA
Bearish clues:
- The general trend has been downward since November 2020
- Cocoa price has reached the resistance of the bearish channel
- The price of cocoa has reached the 50% Fibonacci retracement level
- On the bearish resistance, a doji has formed (the candlestick shows indecision at the top and sellers are still there)
- The price of cocoa has reached the 300 exponential moving average
- The short-term exponential moving average (100 periods) is below the long-term exponential moving average (300 periods)
Objectives:
Cocoa could first decrease to the 2236 USD level, and then maybe to the 2167 USD level and 2092 USD, which correspond to the support level. I think we have to wait the next candlestick to confirm it.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
- The general trend has been downward since November 2020
- Cocoa price has reached the resistance of the bearish channel
- The price of cocoa has reached the 50% Fibonacci retracement level
- On the bearish resistance, a doji has formed (the candlestick shows indecision at the top and sellers are still there)
- The price of cocoa has reached the 300 exponential moving average
- The short-term exponential moving average (100 periods) is below the long-term exponential moving average (300 periods)
Objectives:
Cocoa could first decrease to the 2236 USD level, and then maybe to the 2167 USD level and 2092 USD, which correspond to the support level. I think we have to wait the next candlestick to confirm it.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
Trade closed: stop reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.