Coffee Daily Feb 9, 2023

Arabica Coffee (KC) formed a second straight daily Doji yesterday, edging slightly below a month long upchannel support (on the daily chart). Nevertheless, KC appears close to halting the healthy profittaking (from last week’s February high), with any further consolidation in the next day or so likely to find support at the psychologically key 1.70 whole figure level…

Natural Gas (NG) Reclaims Key 2.5 Level Ahead of Storage

Natural Gas (NG) is trying to halt the deep slide since September, with odds elevated and rising for a strong bounce off downchannel support (on the weekly chart) and Friday’s fresh 2023 low following Thursday’s highly anticipated weekly storage data. With NG arguably breaking above a descending wedge resistance (on the daily chart), a break above downchannel resistance (on the 4hr chart) post-storage is likely…

Coffee Daily Feb 8, 2023

Arabica Coffee (KC) edged higher yesterday with its daily Doji closing just above a month long upchannel support (on the daily chart). KC appears close to halting the healthy profittaking (from last week’s February high), with any further consolidation in the next day or so likely to find support at the psychologically key 1.70 whole figure level…

S&P500 (ES) Consolidates Just Above Weekly Chart Downchannel Resistance

The S&P500 (ES) is trying to firm, but remains vulnerable this week to a deepening in the consolidation that began Friday. Although the February high formed Thursday has been slightly higher than the January and December highs, a slide back (this week) below the psychologically key 4k whole figure level and the uptrend support (on the weekly chart) connecting the October and December lows would keep alive the possibility (albeit moderately unlikely for now) that the break above the weekly chart downchannel resistance was a Bear Trap…

Coffee Daily Feb 7, 2023

Arabica Coffee (KC) bounced more than 1.5% yesterday, and appears close to halting the healthy profittaking (from last week’s February high) after bouncing off upchannel support (on the 4hr and daily chart). Any further consolidation in the next day or so will likely find support at the psychologically key 1.70 whole figure level…