Cocoa Futures ( CCK2022 ), H4 Potential for Bullish Continuation

Type:
Bullish Continuation

Key Levels:
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.

Source: Tickmill

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