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Cocoa Futures (CCK2022), H4 Bearish Dip

35528 cocoa futures cck2022 h4 bearish dip

Type: Bearish DipKey Levels:Resistance: 2583Pivot: 2548Support: 2492Preferred Case:We see the potential for bullish continuation from our Pivot level at 2548 in line 38.2% Fibonacci retracement towards our 1st Support at 2492 in line 61.8% Fibonacci retracement. Our bearish bias is further supported by price trading below the Ichimoku cloud indicator.Alternative Scenario:If price continues to go up, it can potentially move towards our 1st Resistance level at 2583 which is in line with with 50% Fibonacci retracement and 61.8% Fibonacci projection.Fundamentals:No Major News.

Source: Tickmill

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