COCOA Nearing Major Support - Rebound Towards 9,000$?

is approaching a significant support zone. This area has consistently acted as a key level where buyers have stepped in, leading to notable reversals in the past. The current move suggests the potential for a bullish reaction if price action confirms rejection through signals such as bullish engulfing candles, long lower wicks, or increased buying volume.

If the support holds, I anticipate a move upward toward the 9,000 level, aligning with the expectation of a short-term reversal. However, if the price breaches this zone and sustains below it, the bullish outlook may be invalidated, potentially opening the door for further downside.

Monitoring candlestick patterns and volume at this critical zone is essential for identifying buying opportunities. Proper risk management is advised to navigate potential volatility.

Just my take on support and resistance zones—not financial advice. Always confirm your setups and trade with solid risk management.
Best of luck!

Trade active

Trade closed: target reached

TrendDiva

🌷 FREE SIGNALS: t.me/trenddiva

🌷 BEST Broker - Get 20% Deposit BONUS: bit.ly/trenddiva

🌷 Backtest with FX Replay with a 15% discount + my code "trend-diva" fxreplay.com/?via=trend-diva

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

TrendDiva

🌷 FREE SIGNALS: t.me/trenddiva

🌷 BEST Broker - Get 20% Deposit BONUS: bit.ly/trenddiva

🌷 Backtest with FX Replay with a 15% discount + my code "trend-diva" fxreplay.com/?via=trend-diva

Also on: