Cocoa (update)

We saw a continuation of selling from Friday, with a close back below the monthly S1 and 10 DMA.  We did manage to hold above monthly S2 and closed near the highs of the day.  We might see prices trade sideways for a couple days to form a measured move before moving to the upside.  We don't want to re-test the recent lows, so it's important to hold on to the recent gains.  Near term resistance is again the 10 and 20 DMA along with the monthly S1.