December Cocoa Futures a Selling Opportunity on More Price Weakness
See on the daily bar chart for December ICE cocoa futures that prices have sold off sharply recently and on Monday hit a six-week low. The bears have quickly gained downside technical momentum to suggest prices will continue to trend sideways to lower in the near term. A move below chart support at Monday morning’s low of $3,069 would become a selling opportunity. The downside objective would be $2,950 or below. Technical resistance, for which to place a protective buy stop just above, is located at $3,125.
