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Cocoa futures declined today (2/09) for a second consecutive trading session.
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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 9 . 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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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.