Cocoa Futures (CC1!) | D1 Potential Bearish Reversal
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.