Cocoa Futures (CCK2022), H1 Bearish Reversal

Type : Bearish Reversal
Resistance : 2673
Pivot: 2651
Support : 2605
Preferred case: We see the potential for bearish reversal from our Pivot level at 2651 in line 78.6% Fibonacci retracement and 78.6% Fibonacci projection towards our 1st Support at 2605 in line with 23.6% Fibonacci retracement. Our bearish bias is supported by the stochastic indicator where it is at resistance level.

Alternative scenario: If price continues to go up, it can potentially move towards our 1st Resistance level at 2673 which is in line with 100% Fibonacci projection.

Fundamentals: No Major News.