FTN COCOA BUYS FTN Cocoa Processors PlcNSENG:FTNCOCOAsimismohsThis setup is constructive, and compared with Oando, FTN Cocoa appears further along in trying to establish a bullish continuation structure. Current price on your chart is ₦8.80, sitting just above the 50% retracement at ₦8.45. Key levels ZonePriceInterpretation Current₦8.80Price attempting to recover 50% Fib₦8.45Immediate pivot/support 61.8%₦7.65Stronger support 71%₦6.95Bullish thesis defence zone 30%₦9.90First major resistance Previous high₦12.00–₦12.05Major breakout level Extension 1₦14.00Primary upside target Extension 2₦16.45Larger extension What I see structurally The important development is the compression following the explosive move into ₦12. Instead of completely unwinding that rally, FTN has spent several months consolidating predominantly between roughly ₦7 and ₦10. Your descending resistance line and rising support structure are now converging. That creates a compression / re-accumulation thesis. The recent rejection around ₦8.00 is particularly interesting because it occurred above the 61.8% retracement. For me, ₦8.45 is now the immediate pivot. If FTN can hold above that area and start producing daily closes above approximately ₦9.00–₦9.20, I'd become considerably more interested in the bullish continuation. The critical confirmation is ₦9.90 This is where I'd distinguish between potential and confirmation. A clean break and hold above ₦9.90 would: clear the 30% retracement; break the upper portion of the compression; expose the previous ₦12 high; substantially strengthen the continuation thesis. Then ₦12 becomes the big test. A confirmed breakout above ₦12 would put FTN into expansion territory, making ₦14.00 a technically reasonable first extension and ₦16.45 the larger objective. My technical map Accumulation / support: ₦7.65–₦8.45 Current: ₦8.80 TP1: ₦9.90 TP2: ₦12.00 TP3: ₦14.00 Extended target: ₦16.45 From ₦8.80, those correspond to approximately +12.5%, +36.4%, +59.1%, and +86.9%, respectively. Invalidation The level I would watch closely is ₦6.95. A sustained breakdown beneath the 71% retracement would materially weaken this particular bullish structure. At that point, the possibility of a much deeper retracement toward the ₦4.90 origin has to be reconsidered. So I wouldn't frame FTN as simply “₦8.80 → ₦14.” The cleaner thesis is: Hold ₦7.65–₦8.45 → reclaim ₦9.90 → attack ₦12 → breakout → ₦14 → potentially ₦16.45. Bias: 🟢 Bullish / Re-accumulation candidate The ₦12 breakout is the event that converts this from a recovery setup into a much stronger long-term continuation setup.