September ICE cocoa futures a selling opportunity on more price weakness.
See on the daily bar chart for September ICE cocoa futures that prices have backed well down from the May high and have been trending lower for over two weeks. The bears have gained downside near-term technical momentum. A move below solid chart support at last week’s low of $2,282 would become a fresh selling opportunity. The downside price objective would be $2,075, or below. Technical resistance, for which to place a protective buy stop just above, is located at last week’s high of $2,369.
