Cocoa Futures ( CCK2022 ), H1 Potential for Bearish Reversal

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

Type: Bearish ReversalKey Levels:Resistance: 2644Pivot: 2597Support: 2528Preferred Case:We see the potential for a bearish reversal from our pivot at 2597 in line with 50% Fibonacci retracement towards our 1st support at 4.7270 in line with 61.8% Fibonacci projection and 127.2% Fibonacci extension. Our bearish bias is supported by the stochastic indicator where price is at resistance level.Alternative Scenario:Alternatively, price may break our pivot structure and head for 1st resistance at 2644 in line with 78.6% Fibonacci retracement.Fundamentals:No major news.

Source: Tickmill

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