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Genesiv
Feb 19, 2023 10:53 PM

Cocoa Futures ( CC1! ), H4 Potential for Bullish Continuation Long

Cocoa FuturesICEUS

Description

Title: Cocoa Futures ( CC1! ), H4 Potential for Bullish Continuation
Type: Bullish Continuation
Resistance: 2838
Pivot: 2660
Support: 2565

Preferred case: Looking at the H4 chart, my overall bias for CC1! is bullish due to the current price above the Ichimoku cloud, indicating a bullish market structure. If this bullish momentum continues, expect price to retest the pivot at 2660 where the overlap support and 50% Fibonacci line is before heading back up towards the resistance at 2838, where the previous swing high is.


Alternative scenario: Price may head back down towards the support level at 2565, which is the overlap support.

Fundamentals: There are no major news.
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