Arabica Coffee (KC) rebounded more than 3.5% yesterday, clawing back above descending wedge/downtrend support (on the weekly chart) after briefly sliding beneath it. Odds are elevated for a break today above the 4hr chart downchannel resistance and descending wedge resistance (on the daily chart)…
The EURUSD is consolidating after the strong bounce from the 2022 low (in September). Although the EURUSD is vulnerable today to a bit more healthy profittaking, odds are elevated for a weekly close above downchannel resistance (on the weekly chart) and the psychologically key 1.00 whole figure level…
Arabica Coffee (KC) slid nearly 1% yesterday, with its daily Gravestone closing at a fresh 2022 low at descending wedge/downtrend support (on the weekly chart). Nevertheless, odds are rising for a bounce back above the 4hr chart downchannel resistance and descending wedge resistance (on the daily chart) in the next day or so, which would coincide with a rebound off the weekly chart descending wedge resistance…
Gold (GC) is consolidating after yesterday’s massive near 3% surge, breaking above descending wedge resistance (on the weekly chart). GC is in the advanced stages of forming a major bottom and is suddenly closing in on the October high.
Arabica Coffee (KC) slid more than 2% yesterday, closing at a fresh 2022 low at descending wedge/downtrend support (on the weekly chart). Nevertheless, odds are rising for a bounce back above the 4hr chart downchannel resistance and descending wedge resistance (on the daily chart) in the next day or so, which would coincide with a rebound off the weekly chart descending wedge resistance.
The S&P500 (ES) is consolidating a 2 day bounce, and appears to be gearing up this week for a retest of the October high and the 50% Fib retrace of the August to October slide. Any reclaiming of the psychologically key 4k whole figure level or the 61.8% Fib on a weekly basis will dramatically increase odds for the current Dead Cat Bounce to reach downchannel resistance (on the weekly chart) in the week after…
Arabica Coffee (KC) slid almost 3% yesterday, with its daily Gravestone closing below the psychologically key 1.75 whole figure level and forming a fresh intraday 2022 low. Nevertheless, odds are elevated for a break above the 4hr chart downchannel resistance and descending wedge resistance (on the daily chart) in the next day or so with high likelihood for a bounce in the next week or so off the weekly chart descending wedge support…
Soybean (ZS) is forming a daily and weekly Doji to start the week, hesitating after last week’s strong surge to triangle resistance (on the weekly chart). With ZS having reversed more than half of the sharp slide from the June high to the July low, odds are better for a retest of the 2022 high going into year end, than it is for a slide back to the July low during the same period, with the July low coinciding with the 50% Fib retrace of the May 2019 to June 2022 bull market (as can be seen on tradingview.com)…
Arabica Coffee (KC) rebounded more than 2% Friday, forming a daily Doji just above the psychologically key 1.75 whole figure level. Any break above the 4hr chart downchannel resistance and descending wedge resistance (on the daily chart) in the next day or so would strongly reinforce last week’s weekly Gravestone bounce off just above the weekly chart downtrend support…
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