March ICE cocoa futures a selling opportunity on more price weakness.
See on the daily bar chart for ICE March cocoa futures that prices have backed well down from the recent high as the bears have gained some downside technical momentum. A move below chart support at Tuesday’s low of $2,663 would provide the bears with fresh downside momentum and it would also become a selling opportunity. The downside price objective would be $2,500, or below. Technical resistance, for which to place a protective buy stop just above, is located at $2,730.
