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Monstralian
Nov 21, 2023 9:58 PM

Strong resistance - Time to take profits  Short

Cocoa FuturesICEUS

Description

Prediction:
I expect COCOA FUTURES price to start a bearish trend after hitting the resistance presented in the pitchfork on the chart.

Reasons :
- investors may take their profits of the year
- currency depreciation of the producers countries vs the Dollar
- as interest rates stabilises , investors starting to move to stocks as the fear times of the quantitative tightening may be near an end.
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