December ICE cocoa futures a selling opportunity on more price weakness.
Wednesday, October 3rd, 2012See on the daily bar chart for December ICE cocoa futures that prices have sold off sharply recently and this week have hit a fresh five-week low. The bears have some fresh downside technical momentum. A move below technical support at this week’s low of $2,412 would provide the bears with better downside momentum and it would also become a fresh selling opportunity. The downside price objective would be $2,200, or below. Technical resistance, for which to place a protective buy stop just above, is located at this week’s high of $2,513.
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