Cocoa Plunge Ahead – Targeting $9,853!📊 Trade Setup:
Entry Price: 10,877
Take Profit: 9,853 (at previous low)
Stop Loss: 11,883 (above the gap level)
📈 Analysis:
The previous buy trade in the channel hit the target perfectly by closing the gap and reaching our take profit before dropping significantly. Now, with the current bearish sentiment in the market, the setup points to another potential sell trade.
Given the price rejection near the gap level and the overall market pressure, we expect a further decline towards the previous low at $9,853, where strong support may come into play.
🎯 Target:
$9,853: Key support zone (previous low)
🔹 Risk Management:
Stop loss at $11,883, just above the gap level, where price may encounter resistance and trigger further downside.
⚡ Do you expect Cocoa to continue its bearish trend, or could we see a reversal? Drop your thoughts below! ⚡
