July ICE cocoa futures a selling opportunity on more price weakness.
See on the daily bar chart for July cocoa futures that prices may be ready to roll over from the recent uptrend. A move below solid chart support at this week’s low of $2,962 would give the bears fresh downside momentum and it would also become a selling opportunity. The downside price objective would be $2,800 or below. Technical resistance, for which to place a protective buy stop just above, is located at $3,025.
