March ICE Cocoa Futures a Buying Opportunity on More Price Strength
See on the daily bar chart for March cocoa futures that prices are in an uptrend and have recently hit a seven-week high. The bulls have upside technical momentum to suggest prices can continue to trend sideways to higher in the near term. A move above solid chart resistance at $3,000 would give the bulls fresh upside momentum and it would also become a buying opportunity. The upside price objective would be $3,150, or above. Technical support, for which to place a protective sell stop just below, is located at $2,925.
