Coffee Futures ( KC1!), H1 Potential for Bullish Bounce
Type: Bullish Bounce
Resistance: 228.20
Pivot: 217. 40
Support: 213.15
Preferred case: Price is moving nearer to the pivot level. We are expecting the price to potentially bounce off from our pivot level of 217. 40 in line with 78.6% Fibonacci retracement and 161.8% Fibonacci extension towards our 1st resistance level of 228.20 which is in line with 50% Fibonacci retracement and 61.8% Fibonacci projection .
Alternative scenario: Otherwise, the price might break our pivot structure and head for the 1st support level of 213.15 in line with graphical swing low support.
Fundamentals: No major news.
Resistance: 228.20
Pivot: 217. 40
Support: 213.15
Preferred case: Price is moving nearer to the pivot level. We are expecting the price to potentially bounce off from our pivot level of 217. 40 in line with 78.6% Fibonacci retracement and 161.8% Fibonacci extension towards our 1st resistance level of 228.20 which is in line with 50% Fibonacci retracement and 61.8% Fibonacci projection .
Alternative scenario: Otherwise, the price might break our pivot structure and head for the 1st support level of 213.15 in line with graphical swing low support.
Fundamentals: No major news.
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