Cocoa Futures ( CCK2022 ), H4 Potential for Bearish Continuation
Title: Cocoa Futures ( CCK2022 ), H4 Potential for Bearish Continuation
Type: Bearish Continuation
Resistance: 2454
Pivot: 2597
Support: 2355
Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is under the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to head towards the support at 2355, where the previous swing low is located.
Alternative scenario: Price may go back up and retest the resistance at 2454 where the 78.6% Fibonacci line is located.
Fundamentals: There are no major news.
Type: Bearish Continuation
Resistance: 2454
Pivot: 2597
Support: 2355
Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is under the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to head towards the support at 2355, where the previous swing low is located.
Alternative scenario: Price may go back up and retest the resistance at 2454 where the 78.6% Fibonacci line is located.
Fundamentals: There are no major news.