Month: June 2022

VIX (VX) Tries Bouncing Off May Low

The VIX (VX) is beginning to form a weekly Hammer, holding the higher May low versus the April low, and reinforcing the uptrend (as seen by the higher May high versus the April high). Any break above downchannel resistance (on the 4hr chart) would dramatically increase the likelihood of retesting the 61.8% Fib retrace of the April to May bounce in the few days after…

Wheat Retesting Weekly Chart Upchannel Support Ahead of WASDE

Wheat (ZW) is trying to firm after a 3 week slide from the 2022 high, but remains vulnerable to retesting the psychologically key 1000 whole figure level and the 50% Fib retrace of the January to March bull market extension. Nevertheless, any break above downchannel resistance (on the 4hr chart) would dramatically increase the odds for a sustainable bounce off upchannel support (on the weekly chart)…

Arabica Coffee (KC) Bull Flag Consolidation Since Mid Feb Completing

Arabica Coffee (KC) formed a daily Doji yesterday, hesitating in its strong 3 week plus rally as it tests upchannel resistance (on the 4hr chart). Significantly, KC’s upchannel extension (on the weekly chart) remains above the April high, but is likely to continue consolidating going into early next week before the rally can extend from the current 61.8% Fib retrace of the slide from the February high to the May low…

EURUSD Rejected @ Weekly Chart Downchannel Resistance

The EURUSD has broken the daily chart triangle/uptrend support, and is increasingly vulnerable to a retest of the psychologically key 1.05 whole figure level by early next week. Nevertheless, the EURUSD does not appear likely to retest the May low / 2017 low (as can be seen on tradingview.com) in June, with odds higher for a weekly close above the 38.2% Fib retrace of the February to May downtrend extension in the same period…