Categories: Technical analysis

Cocoa Wave Analysis 1 March, 2021

• Cocoa broke resistance level 2564.00

• Likely to reach resistance level 2658

Cocoa continues to rise strongly after breaking the resistance level 2564.00 (monthly high from January) – after it broke the daily down channel from December.

The breakout of the resistance level 2564.00 accelerated the active impulse waves 3 and (C).

Cocoa is likely to rise further toward the next resistance level 2658 (double top from December) – followed by 2715.

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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