March Cocoa Futures a Buying Opportunity on More Price Strength
See on the daily bar chart for March ICE cocoa futures that prices this week hit a six-week high, a downtrend line has been negated, and a fledgling uptrend line is now in place. The bulls have gained upside near-term technical momentum. A move above resistance at Wednesday’s high of $2,960 would become a buying opportunity. The upside price objective would be $3,125 or above. Technical support, for which to place a protective sell stop just below, is located at $2,875.
