- Cocoa reversed from support area
- Further gains are likely
Cocoa recently reversed up sharply from the combined support area lying between the key support level 2462 (former resistance from April and May) and the 38.2% Fibonacci correction of the previous sharp upward impulse from the start of June.
The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Long-Legged Doji.
Cocoa is expected to rise further and retest the next resistance level 2550 (which reversed the earlier impulse wave (C)).