Cocoa Futures (CC1! ), H1 Potential for Bearish Reversal
Type: Bearish Reversal
Resistance: 2645
Pivot: 2607
Support: 2557
Preferred case: We see the potential for a bearish reversal from our pivot level at 2607 which is in line with 38.2% Fibonacci retracement and 100% Fibonacci projection towards our 1st support level at 2557 which is in line with 100% Fibonacci projection along with a graphical swing low support. Our bearish bias is further supported by price trading below the Ichimoku cloud indicator.
Alternative scenario: Alternatively, the price might break our pivot structure and head for 1st resistance level at 2645 in line with 61.8% Fibonacci retracement .
Fundamentals: No major news.
Resistance: 2645
Pivot: 2607
Support: 2557
Preferred case: We see the potential for a bearish reversal from our pivot level at 2607 which is in line with 38.2% Fibonacci retracement and 100% Fibonacci projection towards our 1st support level at 2557 which is in line with 100% Fibonacci projection along with a graphical swing low support. Our bearish bias is further supported by price trading below the Ichimoku cloud indicator.
Alternative scenario: Alternatively, the price might break our pivot structure and head for 1st resistance level at 2645 in line with 61.8% Fibonacci retracement .
Fundamentals: No major news.
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