Arabica Coffee (KC) slid more than 1.5% yesterday, getting rejected at the 4hr chart downchannel resistance. KC is increasingly vulnerable to extending the slide since the April high. In the unlikely event that KC breaks above the May high today, odds would dramatically increase for a reclaiming of the psychologically key 2 whole figure level sometime in May…
The AUDUSD is consolidating for a 3rd straight day near the May and April high. Odds are elevated for the AUDUSD to resume by next week, its bounce off just above the 2023 low…
Arabica Coffee (KC) edged lower yesterday, closing just below the 4hr chart downchannel resistance. RC is once again somewhat vulnerable to extending the slide since the April high…
Gold (GC) is hesitating as it tries reclaiming last week’s fresh 2023 high above the 2022 high and just shy of a record high. Regardless though of any deeper consolidation from last Thursday’s rejection at upchannel/ascending wedge resistance (on the weekly chart), GC does not appear likely to slide this week to below the psychologically key 2000 whole figure level…
Arabica Coffee (KC) rebounded more than 1% yesterday, and is once again making progress in halting the slide since the April high. Any break above the 4hr chart downchannel resistance today would make reclaiming the psychologically key 2 whole figure level more likely than testing the weekly chart upchannel support in May…
The S&P500 (ES) is consolidating for a second straight day after Friday’s bounce to near the 2023 high, hovering just under the 50% Fib retrace of the slide from the January 2022 high to October 2022 low (as can be seen more easily on a weekly chart on tradingview.com). Any break this week above the April high will suggest an extension of the bounce off the October low to a fresh 2023 high…
Arabica Coffee (KC) slid more than 2% yesterday, and is once again vulnerable to extending the slide since the April high. With KC failing yesterday to hold above the 4hr chart downchannel resistance, KC suddenly appears more likely to test the weekly chart upchannel support this week than to reclaim the psychologically key 2 whole figure level in the same period…
Wheat (ZW) is consolidating to start the week, digesting the bounce the began Wednesday off a fresh 2023 low. Odds are now higher for a test of descending wedge resistance (on the weekly chart) by next Monday (following the highly anticipated WASDE Friday) than it is for a test of wedge support coinciding roughly with the psychologically key 600 whole figure level…
Arabica Coffee (KC) rebounded more than 2.5% Friday, making progress in halting the slide since the April high. As KC finds support near its February high and rebounds to the 4hr chart downchannel resistance, KC appears less likely to test the weekly chart upchannel support in May than it would be to reclaim the psychologically key 2 whole figure level in the same period…
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