Cocoa Futures (CCK2022), H1 Bearish Reversal
Type : Bearish Reversal
Resistance : 2673
Pivot: 2651
Support : 2605
Preferred case: We see the potential for bearish reversal from our Pivot level at 2651 in line 78.6% Fibonacci retracement and 78.6% Fibonacci projection towards our 1st Support at 2605 in line with 23.6% Fibonacci retracement . Our bearish bias is supported by the stochastic indicator where it is at resistance level .
Alternative scenario: If price continues to go up, it can potentially move towards our 1st Resistance level at 2673 which is in line with 100% Fibonacci projection .
Fundamentals: No Major News.
Resistance : 2673
Pivot: 2651
Support : 2605
Preferred case: We see the potential for bearish reversal from our Pivot level at 2651 in line 78.6% Fibonacci retracement and 78.6% Fibonacci projection towards our 1st Support at 2605 in line with 23.6% Fibonacci retracement . Our bearish bias is supported by the stochastic indicator where it is at resistance level .
Alternative scenario: If price continues to go up, it can potentially move towards our 1st Resistance level at 2673 which is in line with 100% Fibonacci projection .
Fundamentals: 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.