Tecnical analisis on cocoa trend: Cacao rompe soporte de su canal inferior de 2500 cerrando en 2455 (contratos de Julio). Próximo soporte S1 en 2400, S2 en 2300. Promedios de media móvil ahora en negativos, reflejando una tendencia bajista a corto plazo. También más volumen de venta que de compra, otro factor para la baja.
Short term analysis of cocoa market trend giving the latest information on the commodity. DXY and VIX must be taken into account.
upside focus remains, looking for a strong move higher in wave ((iii)) of 1 of (3), key level at 2453, critical support at 2333.
Type: Bearish Reversal Resistance: 2645 Pivot: 2607 Support: 2557 Preferred case: We see the potential for a bearish reversal from our pivot level at 2607 which is in line with 38.2% Fibonacci retracement and 100% Fibonacci projection towards our 1st support level at 2557 which is in line with 100% Fibonacci projection along with a graphical swing low support....
upside focus remains, looking for a strong move higher in wave (iii) of ((iii)).
Type : Bullish Bounce Resistance : 2639 Pivot: 2552 Support : 2500 Preferred Case: Price is near pivot level of 2552 in line with 50% Fibonacci retracement and 78.6% Fibonacci projection. Price can potentially bounce up to the 1st resistance level of 2639, in line with 78.6% Fibonacci projection, along with a graphical swing high resistance. Our bullish bias is...
Type : Bullish Bounce Resistance : 2647 Pivot: 2558 Support : 2502 Preferred case: We see the potential for bullish bounce from our Pivot level at 2558 in line 50% Fibonacci retracement towards our 1st resistance level at 2647 in line with 78.6% Fibonacci retracement and 78.6% Fibonacci projection. Our bullish bias is supported by price trading above the Ichimoku...
Type : Bearish Reversal Resistance : 2673 Pivot: 2651 Support : 2605 Preferred case: We see the potential for bearish reversal from our Pivot level at 2651 in line 78.6% Fibonacci retracement and 78.6% Fibonacci projection towards our 1st Support at 2605 in line with 23.6% Fibonacci retracement. Our bearish bias is supported by the stochastic indicator where it is...
Type : Bearish Dip Resistance : 2608 Pivot: 2557 Support : 2456 Preferred case: We see the potential for bearish dip from our Pivot level at 2557in line 38.2% Fibonacci retracement towards our 1st Support at 2456 with a swing low support level. Our bearish bias is further supported by price trading below the Ichimoku cloud indicator. Alternative scenario: If...
USCOCOA LONG - Buy Entry - D1 Chart Buy @ Market Symbol: USCOCOA Timeframe: D1 Type: BUY Entry Price: Buy @ Market TP - Resistance @ 2561.42 TP - Resistance @ 2620.59 TP - Resistance @ 2675.76 TP - Resistance @ 2754.21 PP Y1 - Pivot Point Yearly @ 2483.65 Support @ 2446.42 Support @ 2414.51 ✅ If you liked this analysis, please consider Following...
Type : Bullish Continuation Resistance : 2708 Pivot: 2523 Support : 2452 Preferred case: We see the potential for bullish continuation from our Pivot level at 2523 in line 23.8% Fibonacci retracement towards our 1st Resistance at 2708 in line with 61.8% Fibonacci retracement and 100% Fibonacci projection . Our bullish bias is further supported by the stochastic...
Type : Bullish Bounce Resistance : 2593 Pivot: 2496 Support : 2449 Preferred case: Price is abiding by the ascending trendline. We see the potential for bullish bounce from our Pivot level at 2661 in line 61.8% Fibonacci projection towards our 1st Resistance at 2593 in line with 50% Fibonacci retracement. Our bullish bias is further supported by RSI indicator...
I expect that wave (2) ended and cocoa in his way for a new high for wave (3).
Rough market cycles are derived from significant resistance and support using the sine wave and cycle line tool. In tandem with this, the market cycle based reflex indicator cycle line has crossed trend line, as well as the 8 hour fisher transform being "overbought". I would not place a trade based on any of these indications separately, but collectively I believe...
huge volume to break the long term bearish trend trade with positive mathematical expectency
COCOA FUTURES COCOA Important resistance 3000$ Increasing demand