Type: Bullish RiseKey Levels:Resistance:2506Pivot:2422Support:2280Preferred Case:On the H4 chart, we have a bullish bias. To add confluence to this, price is crossing back above the Ichimoku cloud which indicates a bullish market. If this bullish momentum continues, expect price to head back up towards the 1st resistance at 2506 where the 23.6% Fibonacci line and 100% Fibonacci projection line are located.Alternative Scenario:Price head back down towards the Pivot line at 2422, where the 50% Fibonacci line and 61.8% Fibonacci projection line are located.Fundamentals:There are no major news.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/cocoa-futures-cc1-h4-potential-for-bullish-rise"
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