Arabica Coffee (KC) slid another 1% plus Friday, with the weekly Gravestone decisively rejected just above the psychologically key 2 whole figure level. Nevertheless, with last week’s selloff from Wednesday’s fresh 2023 high, KC is merely seeing healthy profittaking within the upchannel (on the weekly chart)….
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The S&P500 (ES) is consolidating after forming a fresh April high (Tuesday), beginning to struggle as it slips back beneath 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). Nevertheless, any regaining of the 2023 high formed February before month end will dramatically increase odds of testing the August high by May sometime…
Arabica Coffee (KC) slid more than 3% yesterday, breaking the psychologically key 2 whole figure level and upchannel support (on the daily chart). Although further healthy profittaking is likely today after getting rejected yesterday at uptrend resistance (on the 4hr chart) at a fresh 2023 intraday high, any further selling next week would likely be mild…
The USDJPY is forming a daily Doji at what appears to be triangle resistance (on the daily chart), hesitating as it bumps against upchannel resistance (on the 4hr chart). Nevertheless, with the USDJPY arguably having broken this week above triangle resistance (on the weekly chart), odds are decent for a weekly close above the psychologically key 135 whole figure level…
Arabica Coffee (KC) slid more than 1% yesterday in its daily Doji after retesting the fresh 2023 high (formed Tuesday). Although further healthy profittaking is likely today after getting rejected yesterday at uptrend resistance (on the 4hr chart), KC isn’t likely to fall below this week’s low ahead of the weekend…
Natural Gas (NG) is consolidating after decisively reclaiming the psychologically key 2 whole figure level after briefly falling beneath it last week. With NG having successfully bounced yesterday off just above downchannel resistance (on the 4hr chart), NG is gaining momentum on its rebound off last week’s 2023 low and downchannel support (on the weekly chart)…
Arabica Coffee (KC) surged more than 2% yesterday, closing at a fresh 2023 high just above the psychologically key 2 whole figure level. Although some healthy profittaking is likely today as KC bumps up against uptrend resistance (on the 4hr chart), KC will likely see renewed bullish momentum later in the week with high odds for a test of upchannel resistance (on the daily chart) this week….
The S&P500 (ES) is consolidating near a fresh April high, hesitating as it tests 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), and nears the 2023 high formed February. Further creating caution is ES bumping up against a downtrend resistance (on the weekly chart)…
Arabica Coffee (KC) surged nearly 4% yesterday, closing at a fresh 2023 high just above the psychologically key 2 whole figure level. Although some healthy profittaking is likely today as KC bumps up against uptrend resistance (on the 4hr chart), KC will likely see renewed bullish momentum later in the week with high odds for a test of upchannel resistance (on the daily chart) this week….
