Ethereum (ETHUSD) rallied to another record high mid week, and is seeing a bit of healthy consolidation as it bumps up against upchannel resistance (on the daily chart). Significantly, ETHUSD appears to be extending what some would argue on the weekly chart has been a Bull Flag (on the weekly chart), or continuing an upchannel…
Month: November 2021
Arabica Coffee (KC) Bouncing Off Weekly Chart Upchannel Support
Arabica Coffee (KC) edged lower yesterday, forming a second straight daily Doji near the psychologically key 2.10 whole figure level. Significantly, despite the consolidation since Tuesday, KC remains around last week’s high and still has momentum in its bounce off upchannel support (on the weekly chart)…
USDJPY Nearing Highest Level Since 2018
The USDJPY is in the advanced stages of a 2 week plus Bull Flag consolidation (on the daily and weekly chart), firming just below the 2021 high formed in mid October. Significantly, the USDJPY is bumping into the highest levels since 2018, with the widely anticipated US Non-Farm Payrolls (NFP) on Friday potentially being a catalyst for a Bull Flag extension towards the 2017 high…
WTI Crude (CL) Weekly Chart Ascending Wedge Near Complete
WTI Crude (CL) is down more than 1.5% today and vulnerable to testing the psychologically key 80 whole figure level these next few days. Significantly, with CL’s weekly Hammer last week rejected at a new 2021 high and ascending wedge resistance (on the weekly chart), this week’s tentative weekly Doji at wedge support could quickly turn into a longer red bodied candle on a daily close below the daily chart upchannel support…
VIX (VX) Testing Weekly Chart Downchannel Support
The VIX (VX) is trying to firm after slipping last week to a fresh 2021 low. Significantly, odds are elevated for a strong bounce this week as the VX tests downchannel support (on the weekly chart)…
Wheat (ZW) Consolidates Near 2021 High
Wheat (ZW) is showing a bit of fatigue to start the week, consolidating with a bit more upside before bumping into uptrend resistance (on the 4hr chart). Significantly, regardless of any healthy profittaking in the next day or so, ZW closed October at the month high, and appears to be gravitating towards the 2021 high…