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Dec 2, 2022 7:36 AM

Cocoa Futures ( CCK2022 ), H4 Potential for Bullish Continuation Long

Cocoa FuturesICEUS

Description

Title: Cocoa Futures ( CCK2022 ), H4 Potential for Bullish Continuation
Type: Bullish Continuation
Resistance: 2577
Pivot: 2422
Support: 2500

Preferred case: Looking at the H4 chart, my overall bias for CC1! is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. If this bullish momentum continues, expect price to possibly head towards the resistance at 2577, where the previous high is.


Alternative scenario: Price may go back down and retest the support at 2500 where the 23.6% Fibonacci line is located.

Fundamentals: There are no major news.
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