ICE September cocoa futures a selling opportunity on more price weakness.
See on the daily bar chart for ICE September cocoa futures that prices have sold off sharply just recently, including Friday closing at a technically bearish weekly low close. Recent sharp downside price action has also created a downtrend line on the daily chart. The cocoa bears have gained good downside near-term technical momentum. A move below chart support at the May low of $2,198 would become a selling opportunity in September cocoa. The downside price objective would be $2,050, or below. Technical resistance, for which to place a protective buy stop just above, is located at $2,275.
