July cocoa futures a selling opportunity on more price weakness.
See on the daily bar chart for July ICE cocoa futures that prices have backed down from the recent highs as this market appears to be “rolling over.” A move below solid chart support at last week’s low of $2,905 would give the bears better downside technical momentum and it would also become a selling opportunity. The downside price objective would be $2,750, or below. Technical resistance, for which to place a protective buy stop just above, is located at $2,975.
