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Cocoa Wave Analysis – 19 June, 2019

  • 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)).

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Source: FxPro


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