Type: Bearish DropKey Levels:Resistance: 2500Pivot: 2422Support: 2275Preferred Case:Looking at the H4 chart, my overall bias for CC1! is bearish due to the current price crossing below the Ichimoku cloud , indicating a bearish market. If this bearish momentum continues, expect price to possibly head towards the pivot at 2422, where the 50% Fibonacci line is.Alternative Scenario:Price may go back up and retest the resistance at 2500, where the 23.6% Fibonacci line is.Fundamentals:There are no major news.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/cocoa-futures-cck2022-h4-potential-for-bearish-drop"
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