Coffee Daily Jan 31, 2023

Arabica Coffee (KC) edged up yesterday, gaining for a 12th straight day. Although becoming overbought on the 4hr chart, with KC comfortably above the weekly chart descending wedge resistance, KC is moderately likey to test before the weekend the December high and the psychologically key 1.75 whole figure level…

S&P500 (ES) Testing Weekly Chart Downchannel Resistance

The S&P500 (ES) is consolidating after the strong reversal off the Wednesday Hammer low, hesitating as it bumps against downchannel resistance (on the weekly chart). Although odds are elevated for a weekly close above this key bear-bull battle ground, a break above the weekly chart downchannel resistance could very well be brief with the highly anticipated FOMC and Fed rate announcement Wednesday potentially setting up for a slide back into the same downchannel…

Coffee Daily Jan 27, 2023

Arabica Coffee (KC) surged almost 3% yesterday, gaining for a 10th straight day. With the decisive break this week of the weekly chart descending wedge resistance, KC is likely to test by next week sometime, the December high and the psychologically key 1.75 whole figure level…

Coffee Daily Jan 26, 2023

Arabica Coffee (KC) surged more than 1.5% yesterday, gaining for a 9th straight day. A weekly close above the weekly chart descending wedge resistance is likely, and would dramatically increase odds of a test of the December high and the psychologically key 1.75 whole figure level in the week after…

WTI Crude (CL) Just Below Weekly Chart Downchannel Resistance Ahead of Inventory

WTI Crude (CL) is vulnerable to sliding to below the psychologically key 80 whole figure level today following the highly anticipated weekly inventory data at 1030am EST. The rejection this week so far at downchannel resistance (on the weekly chart) just below the 38.2% Fib retrace of the slide from the 2022 high in June to the December low suggests higher odds of retesting of the January low before month end than for a break above the December high during the same period…