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.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.