July ICE cocoa futures a selling opportunity on more price weakness.
See on the daily bar chart for July cocoa futures that prices this week have seen a bearish downside “breakout” from the sideways trading range at higher levels that had been in place for three months. Bears have downside momentum on their side, to suggest prices will continue to trend sideways to lower in the near term. A move below chart support at this week’s low of $2,849 would become a selling opportunity. The downside price objective would be $2,675, or below. Technical resistance, for which to place a protective buy stop just above, is located at $2,925.
