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Cocoa futures declined today (2/09) for a second consecutive trading session.
This move lower gives me a fresh sell signal on the daily chart. This is the first sell signal cocoa has given since the trend changed to the downside earlier this week. On the daily chart cocoa pierced the 50-day SMA and registered its lowest low since January 9th. The trend remains down on the weekly chart. The trend is down on the monthly chart and today's lows were able to penetrate the 100-month SMA which tends to be a bearish characteristic.
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