December ICE cocoa futures a selling opportunity on more price weakness. See on the daily bar chart for December cocoa that prices have dropped sharply recently, to form a big and bearish V-Top reversal pattern. More downside price pressure is likely in the near term, especially given the very bearish posture of the raw commodity sector, overall. A move in December cocoa below $3,050 would become a selling opportunity. The downside price objective would be $2,900, or below. Technical resistance, for which to place a protective buy stop just above, is located at $3,125.
