Raw sugar (SB) slid more than 2% yesterday (on the October contract), falling for its 8th straight day and forming a fresh June low. Odds are rising for a short covering bounce as early as today though despite closing yesterday just below the 38.2% Fib retrace of the November to April bull market extension…
New York Cocoa (CC) slid more than 2% yesterday from Wednesday’s fresh 2023 high and is now ready for healthy consolidation going into July. While odds remain decent for a test by mid July of the 2015 high (formed that December as can be seen easier on a monthly chart on tradingview.com), CC is increasingly vulnerable to deeper profittaking after getting rejected by upchannel resistance (on the daily and weekly chart)….
Arabica Coffee (KC) formed a daily Doji yesterday, and is near complete on a weekly Doji, suggesting a potential overshot to the downside with the fresh June low yesterday. Any monthly close above the March low and the 61.8% Fib retrace of the January to April bounce, will likely coincide with a break above downchannel resistance (on the 4hr chart)…
Raw sugar (SB) slid 2% yesterday, falling for its 7th straight day and forming a fresh June low. Odds are rising for a bounce as early as today though despite closing yesterday just below the 38.2% Fib retrace of the November to April bull market extension…
New York Cocoa (CC) surged another near 2.5% yesterday to another fresh 2023 high and is now moderately likely to recapture the 2015 high (formed that December as can be seen easier on a monthly chart on tradingview.com) by month end. Nevertheless, CC is increasingly vulnerable to healthy profittaking as it once again bumps against upchannel resistance (on the daily and weekly chart)…
Arabica Coffee (KC) slid almost 3% yesterday, closing just above downchannel support (on the 4hr and daily chart). KC appears to have overshot to the downside with a fresh June low yesterday just below the March low and the 61.8% Fib retrace of the January to April bounce…
Raw sugar (SB) slid nearly 3% yesterday, falling for its 6th straight day and forming a fresh June low. SB is vulnerable today to briefly breaking the 38.2% Fib retrace of the November to April bull market extension, with moderate odds of testing the 50% Fib by mid July…
New York Cocoa (CC) consolidated yesterday around the 2023 daily closing high after briefly breaking Monday to a fresh intraday 2023 high. Nevertheless, CC is increasingly vulnerable to healthy profittaking as it once again nears upchannel resistance (on the weekly chart) and bumps against the daily chart upchannel resistance….
Arabica Coffee (KC) edged higher yesterday, closing just above descending wedge support (on the daily chart). KC appears to have overshot to the downside with it trying to bounce back from a fresh June low yesterday just below the March low…
Raw sugar (SB) slid nearly 2% yesterday, forming a fresh June low. With SB sliding decisively below the psychologically key 25 whole figure level and the weekly chart upchannel support, SB is vulnerable to correcting deeper in July after being rejected several times near the April and 2023 high in May and June…
