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Jan 25, 2023 1:57 AM

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

Cocoa FuturesICEUS

Description

Title: Cocoa Futures ( CC1! ), H4 Potential for Bullish Rise
Type: Bullish Rise
Resistance: 2699
Pivot: 2564
Support: 2451

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 head back up towards the resistance at 2671, where the previous swing high is.


Alternative scenario: Price may break the pivot at 2564, where the 23.6% Fibonacci line is before heading towards the support level at 2451, where the 50% Fibonacci line is.

Fundamentals: There are no major news.
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