BEARISH ON US COCA
Bearish clues:
- The general trend has been downward since November 2020
- Cocoa price has reached the resistance of the bearish channel
- The price of cocoa has reached the 50% Fibonacci retracement level
- On the bearish resistance, a doji has formed (the candlestick shows indecision at the top and sellers are still there)
- The price of cocoa has reached the 300 exponential moving average
- The short-term exponential moving average (100 periods) is below the long-term exponential moving average (300 periods)
Objectives:
Cocoa could first decrease to the 2236 USD level, and then maybe to the 2167 USD level and 2092 USD, which correspond to the support level. I think we have to wait the next candlestick to confirm it.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
- The general trend has been downward since November 2020
- Cocoa price has reached the resistance of the bearish channel
- The price of cocoa has reached the 50% Fibonacci retracement level
- On the bearish resistance, a doji has formed (the candlestick shows indecision at the top and sellers are still there)
- The price of cocoa has reached the 300 exponential moving average
- The short-term exponential moving average (100 periods) is below the long-term exponential moving average (300 periods)
Objectives:
Cocoa could first decrease to the 2236 USD level, and then maybe to the 2167 USD level and 2092 USD, which correspond to the support level. I think we have to wait the next candlestick to confirm it.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
Trading ditutup: stop tercapai
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Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.