Title: Cocoa Futures ( CC1! ), H4 Potential for Bullish Rise
Type: Bullish Rise
Resistance: 2699
Pivot: 2564
Support: 2451
Preferred case: Looking at the H4 chart, my overall bias for CC1! is bullish due to the current price above the Ichimoku cloud , indicating a bullish market structure. If this bullish momentum continues, expect price to head back up towards the resistance at 2671, where the previous swing high is.
Alternative scenario: Price may break the pivot at 2564, where the 23.6% Fibonacci line is before heading towards the support level at 2451, where the 50% Fibonacci line is.
Fundamentals: There are no major news.
Type: Bullish Rise
Resistance: 2699
Pivot: 2564
Support: 2451
Preferred case: Looking at the H4 chart, my overall bias for CC1! is bullish due to the current price above the Ichimoku cloud , indicating a bullish market structure. If this bullish momentum continues, expect price to head back up towards the resistance at 2671, where the previous swing high is.
Alternative scenario: Price may break the pivot at 2564, where the 23.6% Fibonacci line is before heading towards the support level at 2451, where the 50% Fibonacci line is.
Fundamentals: There are no major news.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results