Cocoa Futures (CCK2022), H4 Bullish Bounce
Type : Bullish Bounce
Resistance : 2593
Pivot: 2496
Support : 2449
Preferred case: Price is abiding by the ascending trendline. We see the potential for bullish bounce from our Pivot level at 2661 in line 61.8% Fibonacci projection towards our 1st Resistance at 2593 in line with 50% Fibonacci retracement. Our bullish bias is further supported by RSI indicator showing price moving along the ascending trendline.
Alternative scenario: If price continues to drop, it can potentially move towards our 1st Support level at 2449 which is in line with 78.6% Fibonacci projection.
Fundamentals: No Major News.
Resistance : 2593
Pivot: 2496
Support : 2449
Preferred case: Price is abiding by the ascending trendline. We see the potential for bullish bounce from our Pivot level at 2661 in line 61.8% Fibonacci projection towards our 1st Resistance at 2593 in line with 50% Fibonacci retracement. Our bullish bias is further supported by RSI indicator showing price moving along the ascending trendline.
Alternative scenario: If price continues to drop, it can potentially move towards our 1st Support level at 2449 which is in line with 78.6% Fibonacci projection.
Fundamentals: No Major News.
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