Month: July 2023

Sugar Daily Jul 31, 2023

Raw sugar (SB) slid more than 2% Friday and remains vulnerable to further healthy profittaking going into August continuing the reversal from last Monday’s fresh July intraday high just above the psychologically key 25 whole figure level. SB’s bounce from just below the 38.2% Fib retrace of the November to April bull market extension and near the 23.6% Fib retrace of the April 2020 to April 2023 bull market (as seen easier on a monthly chart on tradingview.com) has reversed half its gains and no longer bullishly extends above the June monthly candle body upper range…

Cocoa Daily Jul 31, 2023

New York Cocoa (CC) edged lower Friday as it is increasingly poised for healthy profittaking after forming a fresh 2023 intraday high Thursday and extending further above the 2015 high (formed that December as can be seen easier on a monthly chart on tradingview.com). With CC getting rejected Thursday at upchannel resistance (on the 4hr, daily and weekly chart), healthy consolidation is increasingly likely going into August…

Wheat (ZW) Weekly Gravestone Closes Just Above Key 700 Level

Wheat (ZW) slid a 3rd straight day Friday as part of the healthy consolidation after briefly breaking downchannel resistance (on the weekly chart) Tuesday. With last week’s weekly Gravestone closing just above the psychologically key 700 whole figure level, and a higher July high and low versus the June high and low, ZW will likely make progress in August with the major bottoming efforts off the 2023 low (formed at the end of May) and the weekly chart downchannel support…

Sugar Daily Jul 28, 2023

Raw sugar (SB) edged higher yesterday but remains vulnerable to further healthy profittaking going into early next week continuing the reversal from Monday’s fresh July intraday high just above the psychologically key 25 whole figure level. SB’s strong bounce from just below the 38.2% Fib retrace of the November to April bull market extension and near the 23.6% Fib retrace of the April 2020 to April 2023 bull market (as seen easier on a monthly chart on tradingview.com) no longer bullishly extends above the June monthly candle body upper range…

Cocoa Daily Jul 28, 2023

New York Cocoa (CC) slid more than 0.5% yesterday on healthy profittaking after forming a fresh 2023 intraday high and extending further above the 2015 high (formed that December as can be seen easier on a monthly chart on tradingview.com). With CC getting rejected yesterday at upchannel resistance (on the 4hr, daily and weekly chart), healthy consolidation is increasingly likely for the balance of the month…

Coffee Daily Jul 28, 2023

Arabica Coffee (KC) slid more than 1% yesterday, extending the consolidation since the beginning of the week. Nevertheless, with the current weekly Gravestone still above much of the prior 3 weekly Hammers’ trading range, KC has made great progress in trying to halt the slide from the 2023 high in April…

Sugar Daily Jul 27, 2023

Raw sugar (SB) slid more than 1% yesterday and appears vulnerable to further healthy profittaking in the next day or so on the reversal from Monday’s fresh July intraday high just above the psychologically key 25 whole figure level. SB’s strong bounce from just below the 38.2% Fib retrace of the November to April bull market extension and near the 23.6% Fib retrace of the April 2020 to April 2023 bull market (as seen easier on a monthly chart on tradingview.com) no longer bullishly extends above the June monthly candle body upper range…

Cocoa Daily Jul 27, 2023

New York Cocoa (CC) surged more than 2% yesterday, forming a fresh 2023 high and extending further above the 2015 high (formed that December as can be seen easier on a monthly chart on tradingview.com). With CC closing yesterday against upchannel resistance (on the 4hr, daily and weekly chart), healthy consolidation is likely for the balance of the week…

Coffee Daily Jul 27, 2023

Arabica Coffee (KC) bounced almost 1% yesterday with its daily Hammer poised for more upside going into month end with most of this week’s trading range above the prior two green weekly Hammers. KC appears to have halted the slide from the 2023 high in April, with a higher July low versus the January low increasingly likely….