Cocoa Futures (CC1!) | D1 Potential Bearish Reversal

Type:

Bearish Reversal

Key Levels:

Resistance: 10,308.00

Pivot: 8,633.00

Support: 6,990.00

Preferred Case:

Looking at the D1 chart, my overall bias for Cocoa futures (CC1!) is bearish due to the price trading under a descending trendline and the bearish Ichimoku Cloud. The price could make a reversal off the pivot and fall toward the 1st Support at 6,990.00.

Alternative Scenario:

Price may break above the pivot at 8,633.00 and rise towards the 1st Resistance level at 10,308.00.