COCOA
Our expectations: We expect the downward trend to continue after correction to Fibo 23.6 and diagonal resistance.
Alternative scenario: If the price returns and breaks above the resistance and 23.6 Fibo level we may see a rising impulse.
Comment:
Descending trend
Correction to Fibo 23.6
Price action: Pin bar on resistance levels - negative signal
50SMA under 200SMA - Bearish Formation
RSI (14) is about to break a 50-negative signal
SL: 2180
Junior Trader Stefan Panteleev
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