Cocoa Futures (CC1! ), H1 Potential for Bearish Reversal

37729 cocoa futures cc1 h1 potential for bearish reversal

Type: Bearish ReversalKey Levels:Resistance: 2645Pivot: 2607Support: 2557Preferred 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.Alternative Scenario:Alternatively, price might break our pivot structure and head for 1st resistance level at 2645 in line with 61.8% Fibonacci retracement.Fundamentals:No major news.

Source: Tickmill

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