Cocoa Futures ( CCK2022 ), H4 Potential for Bearish Continuation

Cocoa Futures ( CCK2022 ), H4 Potential for Bearish Continuation

COCOA FUTURES (MAY 2022) ICEUS:CCK2022


Title: Cocoa Futures ( CCK2022 ), H4 Potential for Bearish Continuation
Type: Bearish Continuation
Resistance: 2454
Pivot: 2597
Support: 2355

Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is under the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to head towards the support at 2355, where the previous swing low is located.

Alternative scenario: Price may go back up and retest the resistance at 2454 where the 78.6% Fibonacci line is located.

Fundamentals: There are no major news.

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