Raw sugar (SB) surged a near 3% Friday ahead of the US Labor Day long weekend. With SB closing the week decisively above the psychologically key 25 whole figure level, SB’s bull market from April 2020 to April 2023 appears ready to resume in this holiday-shortened week…
Month: September 2023
Cocoa Daily Sep 4, 2023
New York Cocoa (CC) edged nearly 1% lower Friday after briefly forming a fresh 2023 intraday high Thursday. Despite the elevated odds for more healthy consolidation once CC reopens from the US Labor long weekend, CC remains likely to extend its upchannel (on the weekly chart) and test upchannel resistance by mid September…
Coffee Daily Sep 4, 2023
Arabica Coffee (KC) slid more than 1.5% Friday with last week’s weekly Hammer getting rejected at descending wedge resistance (on the weekly chart). Once again, KC appears to be at risk of retesting the August low…
WTI Crude Forms Fresh 2023 High
WTI Crude (CL) surged more than 2% Friday, closing the week at a fresh 2023 high above the psychologically key 85 whole figure level. CL has made a higher September high versus the August high, breaking above the major bottoming range that has held since December 2022 (as seen easier by the August monthly Doji on a monthly chart on tradingview.com)…
Sugar Daily Sep 1, 2023
Raw sugar (SB) slid more than 1% yesterday after forming a fresh August intraday high Wednesday. SB appears likely going into the weekend, to continue consolidating, but should not slip much if at all, below the psychologically key 25 whole figure level…
Cocoa Daily Sep 1, 2023
New York Cocoa (CC) edged lower yesterday after briefly forming a fresh 2023 intraday high. Despite the elevated odds for healthy consolidation early next week, CC remains likely to extend its upchannel (on the weekly chart) and test upchannel resistance by mid September…
Coffee Daily Sep 1, 2023
Arabica Coffee (KC) edged more than 0.5% lower yesterday with its red daily Gravestone/Doji after briefly bumping against the July low. Nevertheless, the slide from the April high is in its mid-advanced stages, with a decent probability for more short covering going into early next week…