Cocoa Futures (CCK2022), H1 Bullish Bounce
Type : Bullish Bounce
Resistance : 2639
Pivot: 2552
Support : 2500
Preferred Case: Price is near pivot level of 2552 in line with 50% Fibonacci retracement and 78.6% Fibonacci projection. Price can potentially bounce up to the 1st resistance level of 2639, in line with 78.6% Fibonacci projection, along with a graphical swing high resistance. Our bullish bias is further supported by stochastic indicator where price is near resistance level.
Alternative scenario: Price might continue to drop towards the 1st support level of 2500 in line with 78.6% Fibonacci projection.
Fundamentals: No Major News
Resistance : 2639
Pivot: 2552
Support : 2500
Preferred Case: Price is near pivot level of 2552 in line with 50% Fibonacci retracement and 78.6% Fibonacci projection. Price can potentially bounce up to the 1st resistance level of 2639, in line with 78.6% Fibonacci projection, along with a graphical swing high resistance. Our bullish bias is further supported by stochastic indicator where price is near resistance level.
Alternative scenario: Price might continue to drop towards the 1st support level of 2500 in line with 78.6% Fibonacci projection.
Fundamentals: No Major News
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