Cocoa (July)

There is a possible sell set-up taking place in July Cocoa.  The 3200-3225 area is showing a confluence of fib resistance.  A butterfly pattern has formed on the 120M chart and the move up off the recent lows has been weak.  You have some deep retracements and left handed skewing, which are both signalling a possible stall at higher prices.  There is also a grouping of pivot resistance between 3183 and 3221 (DR2, WR2, MP).  I'm looking to short around 3210 with a stop at 3290 with an initial target of 2940.