Ethereum price target raised at Standard Chartered. Here’s the new forecast
This week cocoa prices came very close to challenging their January highs falling just a few dollars short as seen in the chart above. Prices are off 3% in the last three sessions as it appears they are making their way lower.
My suggestion is to have bearish exposure in this contract as long as prices remain under 2500. Use the Fibonacci levels as your downside targets. A 50% Fibonacci would drag prices back under 2300, a level last seen in late July. If the US dollar finds its footing, do not rule out a trade under 2200.
Risk Disclaimer: The opinions contained herein are for general information only and are not intended to provide specific investment advice or recommendations and are not tailored to any specific’s investor’s needs or investment goals. You should fully understand the risks associated with trading futures, options and retail off-exchange foreign currency transactions (“Forex”) before making any trades. Trading futures, options, and Forex involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change without notice. Past performance is not necessarily indicative of future results.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.
Which stock should you buy in your very next trade?
AI computing powers are changing the stock market. Investing.com's ProPicks AI includes 6 winning stock portfolios chosen by our advanced AI. In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. Which stock will be the next to soar?
Unlock ProPicks AI