New York Cocoa (CC) slid more than 0.5% yesterday, and is increasingly at risk of continuing the correction from the 2023 high (formed 2 weeks ago). Any test of the August low will coincide with a test of upchannel support (on the weekly chart)…
Arabica Coffee (KC) slid more than 0.5% yesterday, closing just above the psychologically key 1.50 whole figure level. Although the slide from the August high may be exhausting with a moderate probability for short covering in the next few days, KC remains vulnerable to testing the 2023 low by next week with KC firmly below the 61.8% Fib retrace of the Jun 2020 to Feb 2022 bull market (as seen easier on a monthly chart on tradingview.com)…
Raw sugar (SB) slid 1.5% plus yesterday, breaking triangle support (on the daily chart). SB is suddenly vulnerable to deepening in its consolidation since late June, and is now testing the August low…
New York Cocoa (CC) edged lower yesterday, and is once again at risk of continuing the slide from the record high (formed 2 weeks ago). Any test of the August low will coincide with a test of upchannel support (on the weekly chart)…
Arabica Coffee (KC) formed a daily Gravestone yesterday, briefly reclaiming the prior downchannel support (on the daily chart), suggesting the slide from the August high may be exhausting. Nevertheless, despite the moderate probability for further short covering in the next few days, KC remains vulnerable to testing the 2023 low by next week…
Raw sugar (SB) slid 1% Friday, testing triangle support (on the daily chart). SB is nearing completion on its consolidation since late June, and appears unwilling given the higher August low versus the July low so far, to much more deepen in its healthy profittaking from the July high just above the psychologically key 25 whole figure level…
New York Cocoa (CC) slid more than 1% yesterday, and is once again at risk of continuing the slide from the record high (formed 2 weeks ago). Any test of the August low will coincide with a test of upchannel support (on the weekly chart)…
Arabica Coffee (KC) edged higher Friday with the 4th straight daily Doji/Hammer near downtrend support (on the daily chart) suggesting the slide from the August high may be exhausting. Nevertheless, despite the moderate probability for short covering early this week, KC remains vulnerable to testing the 2023 low by late week…
WTI Crude (CL) gained for a second straight day Friday closing the week near the July high above the psychologically key 80 whole figure level. CL appears to be in the late stages of consolidating from its 2023 high (set 2 weeks ago) after sharply reversing from last week’s weekly Hammer low…
Raw sugar (SB) edged more than 0.5% lower yesterday, closing back below triangle resistance (on the daily chart) after a brief intraday break above it. SB is nearing completion on its consolidation since late June, and appears unwilling given the higher August low versus the July low so far and the weekly Doji forming, to resume the healthy profittaking from the July high just above the psychologically key 25 whole figure level…
