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

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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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About the Author

JimWyckoff

Jim Wyckoff has been involved with the stock, financial and futures markets for more than 20 years. He was born and raised in Iowa, where he still resides.

Wyckoff became a financial journalist with Futures World News for many years, cutting his teeth as a reporter on the futures trading floors in Chicago and New York, where he covered every futures market traded in the United States at one time or another.

Not long after he began his career in financial journalism, he began studying technical analysis. By studying chart patterns and other technical indicators, he realized this approach to analyzing and trading markets could level the playing field between “professional insiders” in the markets and individual traders.

His extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several well-known companies. He says his mission is not just to generate profits for traders but to also provide them with educational and insightful information because, in the fascinating business of trading, one never stops learning.

Wyckoff received a Bachelor of Science degree at Iowa State University, graduating in 1984 with a major in journalism and a minor in economics. He and his wife have two children, a son in high school and a daughter in college.

When he’s not analyzing markets and educating traders, Wyckoff says he loves adventures, from driving a Jeep across the highest mountain pass in the continental United States to extreme winter camping in the Boundary Waters to hiking in the jungles of South America.

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