Cocoa Futures (CCK2022), H4 Bearish Dip

Type: Bearish DipKey Levels:Resistance: 2608Pivot: 2557Support: 2456Preferred Case:We see the potential for bearish dip from our Pivot level at 2557 in line 38.2% Fibonacci retracement towards our 1st Support at 2456 with a swing low support level. 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 2608 which is in line with with 61.8% Fibonacci retracement and 61.8% Fibonacci projection.Fundamentals:No Major News.

Source: Tickmill