Cocoa Futures ( CC1! ), H4 Potential for Bearish Drop
Title: Cocoa Futures ( CC1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 2569
Pivot: 2422
Support: 2470
Preferred case: Looking at the H4 chart, my overall bias for CC1! is bearish due to the current price being below the Ichimoku cloud , indicating a bearish market. If this bearish momentum continues, expect price to break the support at 2470, where the 61.8% Fibonacci line is before heading towards the pivot at 2422, where the 50% Fibonacci line is.
Alternative scenario: Price may head back up towards the resistance at 2569, where the previous swing high is.
Fundamentals: There are no major news.
Type: Bearish Drop
Resistance: 2569
Pivot: 2422
Support: 2470
Preferred case: Looking at the H4 chart, my overall bias for CC1! is bearish due to the current price being below the Ichimoku cloud , indicating a bearish market. If this bearish momentum continues, expect price to break the support at 2470, where the 61.8% Fibonacci line is before heading towards the pivot at 2422, where the 50% Fibonacci line is.
Alternative scenario: Price may head back up towards the resistance at 2569, where the previous swing high is.
Fundamentals: There are no major news.
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.