Cocoa Futures ( CC1! ), H4 Potential for Bullish Rise
Title: Cocoa Futures ( CC1! ), H4 Potential for Bullish Rise
Type: Bullish Rise
Resistance: 2506
Pivot: 2422
Support: 2280
Preferred case: On the H4 chart, we have a bullish bias. To add confluence to this, price is crossing back above the Ichimoku cloud which indicates a bullish market. If this bullish momentum continues, expect price to head back up towards the 1st resistance at 2506 where the 23.6% Fibonacci line and 100% Fibonacci projection line are located.
Alternative scenario: Price head back down towards the Pivot line at 2422, where the 50% Fibonacci line and 61.8% Fibonacci projection line are located.
Fundamentals: There are no major news.
Type: Bullish Rise
Resistance: 2506
Pivot: 2422
Support: 2280
Preferred case: On the H4 chart, we have a bullish bias. To add confluence to this, price is crossing back above the Ichimoku cloud which indicates a bullish market. If this bullish momentum continues, expect price to head back up towards the 1st resistance at 2506 where the 23.6% Fibonacci line and 100% Fibonacci projection line are located.
Alternative scenario: Price head back down towards the Pivot line at 2422, where the 50% Fibonacci line and 61.8% Fibonacci projection line are located.
Fundamentals: There are no major news.
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