Cocoa Futures ( CCK2022 ), H1 Potential For Bearish Dip

cocoa-futures-(-cck2022-),-h1-potential-for-bearish-dip

Type: Bearish DipKey Levels:Resistance: 2748Pivot: 2697Support: 2596Preferred Case:We see the potential for a bearish dip from our pivot at 2697 in line with 78.6% Fibonacci projection and 138.2% Fibonacci extension towards our 1st support at 2596 in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our bearish bias is supported by price trading below Ichimoku cloud indicator.Alternative Scenario:Alternatively, price may break our pivot structure and head for 1st resistance at 2748 in line with 100% Fibonacci projection and 161.8% Fibonacci extension.Fundamentals:No major news

Source: Tickmill

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