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Month: October 2021
Cotton (CT) Weekly Chart Bull Flag Trying to Extend
Cotton (CT) is seeing some healthy profittaking today after yesterday’s near 3% surge. Significantly, CT appears to be on the verge of completing a 2 week plus Bull Flag consolidation (as seen on the daily and weekly chart), with CT arguably breaking above triangle resistance (on the daily chart)…
GBPUSD Testing Weekly Chart Downchannel Resistance
The GBPUSD is trying to firm as part of a week long consolidation after forming a fresh October high. Significantly, the GBPUSD continues testing downchannel resistance (on the weekly chart) and the 38.2% Fib retrace of the June to September slide.
Gold (GC) Weekly MACD Positively Crossing
Gold (GC) saw some healthy profittaking yesterday but appears to be in the early stages of firming as it nears upchannel support (on the daily chart). Significantly, GC is testing triangle resistance (on the weekly chart), and appears to be gearing up for a bullish move within a massive consolidation since the August 2020 record high…
Nasdaq100 (NQ) Nears Record High
The Nasdaq100 (NQ) surged 1% yesterday, and is now just shy of the record high formed in September. Significantly, NQ’s bounce since its early October low has reversed most of September’s slide, with odds high for NQ to follow the S&P500 (ES) in hitting a new record by month end…
Wheat (ZW) Breaks Daily Chart Triangle Resistance to October High
Wheat (ZW) is extending Friday’s gains to start the week, breaking above triangle resistance (on the daily chart). Significantly, ZW is now testing the October high, and appears to be gaining in upward momentum, gravitating towards the 2021 high in what is arguably a major upchannel (on the weekly chart)…
Ethereum (ETHUSD) Consolidates After Retesting Record High
Ethereum (ETHUSD) is consolidating after surging in the past week to its record high. Significantly, ETHUSD decisively broke above triangle resistance (on the weekly chart) last week, setting the stage for the next extension of the major rally from the March 2020 low to the May 2021 peak…
Cocoa (CC) Rebounds Off Key 2500 Level
Cocoa (CC) bounced more than 2% yesterday, trying to halt the 2 week slide from the recent 2021 high. Significantly, CC’s rebound yesterday occurred after testing the psychologically key 2500 whole figure level and nearing the 61.8% Fib retrace of the July to October rally…
GBPUSD Nearing 50% Fib Retrace of Jun-Sep Slide
The GBPUSD is consolidating going into today’s European morning, but appears to have a bit more upside before bumping into upchannel resistance (on the 4hr and daily chart). Significantly, after the strong bounce off downchannel support (on the weekly chart), the GBPUSD is likely going to spend next week digesting the rebound to the same downchannel’s resistance coinciding with the 50% Fib retrace of the June to September slide…
Silver (SI) Breaks Weekly Chart Descending Wedge Resistance
Silver (SI) surged more than 2.5% yesterday, bouncing off upchannel support (on the 4hr chart) and breaking above downchannel resistance (on the daily chart). Significantly, SI has decisively ploughed through descending wedge resistance (on the weekly chart), forming a fresh October high…