July ICE cocoa futures a buying opportunity on more price strength.
See on the daily bar chart for July ICE cocoa futures that prices are in a five-week-old uptrend and have hit a fresh nine-week high. Prices Friday closed at a bullish weekly high close. The bulls have gained good upside near-term technical momentum recently, to suggest the price uptrend will continue in the near term. A move above resistance at last week’s high of $2,276 would become a fresh buying opportunity. The upside price objective would be $2,450, or above. Technical support, for which to place a protective sell stop just below, is located at $2,190.
