Cocoa Futures ( CC1! ), H4 Potential for Bearish Drop
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.
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