Arabica Coffee (KC) slid more than 1% yesterday on healthy profittaking, closing near prior downchannel resistance (on the daily chart). Nevertheless, KC appears to have formed a major bottom just above the psychologically key 1.50 whole figure level, and is trying to reclaim the descending wedge/downtrend support (on the weekly chart)…
Silver (SI) appears to have found its floor in the consolidation that began last week, refusing to slide much below the 38.2% Fib retrace of the March to September slide. With SI having formed a major bottom within the consolidation since August 2020 (as can be seen more easily on a monthly chart on tradingview.com), SI is likely to regain last week’s high before month end, with odds now moderate for a test of the May high before year end…
Arabica Coffee (KC) gained another almost 3% yesterday, breaking above downchannel resistance (on the daily chart). KC appears to have formed a major bottom just above the psychologically key 1.50 whole figure level, reclaiming the descending wedge/downtrend support (on the weekly chart)…
The S&P500 (ES) spent the past week consolidating mostly between the 50% and 61.8% Fib retrace of the August to October slide. A daily close above the psychologically key 4k whole figure level and 61.8% Fib would dramatically increase the likelihood of ES reclaiming the September high by month end…
Arabica Coffee (KC) rebounded a massive 4% plus yesterday, refusing to slide to the psychologically key 1.50 whole figure level and closing at downchannel resistance (on the daily chart). Odds are elevated for a reclaiming of the descending wedge/downtrend support (on the weekly chart), with KC now back above the 61.8% Fib retrace of the June 2020 to February 2022 bull market (near 1.58)…
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Arabica Coffee (KC) slid nearly 1% Friday, closing just shy of the psychologically key 1.50 whole figure level and the 2022 low. The sharp break last week below descending wedge/downtrend support (on the weekly chart) to below the 61.8% Fib retrace of the June 2020 to February 2022 bull market (near 1.58) appears to have been an overshoot, with odds rising for a rebound by early this week back above downtrend resistance (on the daily chart)…
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Cocoa (CC)’s healthy profittaking this week should be slowing going into next week, with CC now testing the 38.2% Fib retrace of the massive bounce off the September low. CC is also back to prior downchannel resistance (on the weekly chart), but may briefly fall below the psychologically key 2400 whole figure level and October high…
Arabica Coffee (KC) slid another 1.5% plus yesterday, closing just shy of the psychologically key 1.50 whole figure level. The sharp break this week below descending wedge/downtrend support (on the weekly chart) to below the 61.8% Fib retrace of the June 2020 to February 2022 bull market (near 1.58) appears to have been an overshoot, with odds rising for a rebound by early next week back above downtrend resistance (on the 4hr and daily chart)…
