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)).

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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