Cocoa Futures ( CCK2022 ), H4 Potential for Bearish Drop

Title: Cocoa Futures ( CCK2022 ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 2500
Pivot: 2422
Support: 2275

Preferred 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.