Wheat (ZW) is gapping up almost 3% to start the week, trying to halt the slide since the 2022 peak in May. Although ZW remains vulnerable to sliding to downchannel support (on the daily chart) in the next week, odds are higher for ZW to bounce from current levels which coincide with the 61.8% Fib retrace of the December 2016 to February 2022 bull market (as can be seen on tradingview.com)…
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Arabica Coffee (KC) slid more than 1% yesterday in healthy profittaking, but remains poised to closing near last week’s high. With the strong bounce off Thursday/Friday’s 2022 low near the 38.2% Fib retrace of June 2020 to February 2022 bull market, KC is just shy of the 38.2% Fib retrace of the February to July slide…
Arabica Coffee (KC) slid more than 1% yesterday in healthy profittaking, but remains poised to closing near last week’s high. With the strong bounce off Thursday/Friday’s 2022 low near the 38.2% Fib retrace of June 2020 to February 2022 bull market, KC is just shy of the 38.2% Fib retrace of the February to July slide…
The GBPUSD is once again in the early stages of trying to form a major bottom with this week’s green weekly candle trying to push above last week’s high. Any daily close above descending wedge resistance (on the daily chart) will likely coincide with a test of the weekly chart descending wedge resistance…
Arabica Coffee (KC) formed a 4th straight green daily candle yesterday, and has reversed almost all of last week’s slide. With the strong bounce off Thursday/Friday’s 2022 low near the 38.2% Fib retrace of June 2020 to February 2022 bull market, KC is suddenly testing the 38.2% Fib retrace of the February to July slide…
WTI Crude (CL) is hesitating at the daily chart downchannel resistance ahead of today’s highly anticipated weekly inventory data at 1030am EST. Although CL has bounced strongly off the 50% Fib retrace of the December to June bull market extension, CL remains vulnerable to another daily chart downchannel extension and a retest of the July and May lows before month end…
Robusta Coffee (RC) edged higher yesterday, consolidating Monday’s massive 3.5% plus rebound off Friday’s fresh July and 2022 low. With RC retesting the psychologically key 2k whole figure level and back above prior descending triangle support (on the weekly chart), odds are high for RC to form its first green weekly candle in 7 weeks…
The Nasdaq100 (NQ) is hesitating in its Dead Cat Bounce, but continues to have decent odds for a few more months of a short covering rally before exhausting near the downchannel resistance (on the weekly chart). Any daily close above downchannel resistance (on the daily chart) and the psychologically key 12k whole figure level will dramatically increase the likelihood for a retest of the June high before month end…
Robusta Coffee (RC) rebounded a massive 3.5% plus yesterday off Friday’s fresh July and 2022 low. With RC retesting the psychologically key 2k whole figure level and back above prior descending triangle support (on the weekly chart), odds are high for RC to form its first green weekly candle in 7 weeks…
