December ICE cocoa futures a selling opportunity on more price weakness.

See on the daily bar chart for December ICE cocoa futures that prices have sold off sharply recently and this week have hit a fresh five-week low. The bears have some fresh downside technical momentum. A move below technical support at this week's low of $2,412 would provide the bears with better downside momentum and it would also become a fresh selling opportunity. The downside price objective would be $2,200, or below. Technical resistance, for which to place a protective buy stop just above, is located at this week's high of $2,513.



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