December ICE cocoa futures a buying opportunity on more price strength.

See on the daily bar chart that December cocoa futures have seen a very strong price rally from the June low and the bulls have good upside near-term technical momentum. A move in prices above solid chart resistance at the June high of $2,387 would become a buying opportunity. The upside price objective would be $2,500 or above. Technical support, for which to place a protective sell stop just below, is located at $2,325.

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