Raw sugar (SB) bounced more than 1.5% yesterday (on the May contract) but remains at elevated risk ahead of the weekend of deepening the consolidation from the January high. SB has given up its 38.2% Fib retrace of the December slide, and is somewhat vulnerable to resuming a prior dowchannel (on the weekly chart)…
Cocoa Daily Feb 27, 2024
New York Cocoa (CC) surged more than 4.5% yesterday to a fresh 2024 and record intraday high. Although CC may very well squeeze higher in the next few days, bulls are best prepared for the moderate probability of a pullback by the weekend to the psychologically key 6k whole figure level…
Coffee Daily Feb 27, 2024
Arabica Coffee (KC) edged lower yesterday and is likely to extend the consolidation since late December going into Q2. With yesterday’s fresh February low, a reclaiming of the 2023 high (formed in December on the March and continuous contract as seen easier on a monthly chart at tradingview.com) and the psychologically key 2 whole figure level will likely have to defer until at least April…
Sugar Daily Feb 26, 2024
Raw sugar (SB) slid more than 1.5% yesterday (on the May contract) Friday, and appears once again at elevated risk of deepening the consolidation from the January high. SB has given up its 38.2% Fib retrace of the December slide, and is somewhat vulnerable to resuming a prior dowchannel (on the weekly chart)…
Coffee Daily Feb 26, 2024
Arabica Coffee (KC) slid more than 1.5% Friday (on the May contract) and is likely to extend the consolidation since late December going into Q2. With Friday’s fresh February low, a break above the 2023 high (formed in December on the March and continuous contract as seen easier on a monthly chart at tradingview.com) and the psychologically key 2 whole figure level will likely have to defer until at least April…
Cocoa Daily Feb 26, 2024
New York Cocoa (CC) surged more than 6.5% Friday to a fresh 2024 and record intraday high. Although CC may very well squeeze higher early week, odds are decent for a pullback by mid week to the psychologically key 6k whole figure level as Friday’s break above upchannel resistance (on the daily and weekly chart) is unsustainable…
Sugar Daily Feb 23, 2024
Raw sugar (SB)’s edged nearly 0.5% lower yesterday (on the May contract), but continues with its tentative weekly Hammer to try halting the consolidation from the January high. Nevertheless, SB has given up its 38.2% Fib retrace of the December slide, and is somewhat vulnerable to resuming a prior dowchannel (on the weekly chart)…
Cocoa Daily Feb 23, 2024
New York Cocoa (CC) edged lower yesterday with a daily Hammer (on the May contract) after reaching a fresh 2024 and record intraday high. Although CC may very well squeeze higher going into next week, odds are decent for the psychologically key 6k whole figure level to be the ceiling for this tremendous bull market extension with the current weekly candle unsustainably above what is arguably upchannel resistance (on the weekly chart)…
Coffee Daily Feb 23, 2024
Arabica Coffee (KC) slid more than 2.5% yesterday (on the May contract) and is likely to extend the consolidation since late December going into at least early March. A weekly close above the February high before March is now less probable than the forming of a fresh February low…
USDCAD Continues Consolidating Around Key 1.35 Level
USDCAD edged higher Friday, continuing a month plus consolidation around the psychologically key 1.35 whole figure level. The big picture is of the USDCAD near the midpoint of the range it has traded within since late 2022 (as can be seen easier on a monthly chart on tradingview.com), coinciding roughly with the 61.8% Fib retrace of the slide from the 2002 peak to 2007’s low…