New York Cocoa (CC) edged lower yesterday with its 2nd straight daily Doji or Hammer, hesitating after reaching at one point Friday to a fresh 2024 and record high. CC appears moderately and increasingly vulnerable to a sharp reversal to around the psychologically key 5k whole figure level this week sometime after its first lower daily close in 12 days…
Arabica Coffee (KC) soared nearly 4% Friday, and has arguably completed the consolidation since late December. KC is poised to continue its Bull Flag (on the weekly chart) for a daily close above the psychologically key 2 whole figure level by sometime this week…
Raw sugar (SB) edged higher Friday with a 4th straight daily Doji, Gravestone or Hammer. With last week’s weekly Hammer changing on Thursday to green, odds are elevated for a decisive break this week above dowchannel resistance (on the weekly chart) and the 50% Fib retrace of the December slide…
New York Cocoa (CC) edged more than 1% higher Friday with its daily Hammer reaching at one point to a fresh 2024 and record high just above the psychologically key 6k whole figure level. CC appears increasingly vulnerable to a sharp reversal this week sometime after 11 straight higher daily closes…
Arabica Coffee (KC) soared nearly 4% Friday, and has arguably completed the consolidation since late December. KC is poised to continue its Bull Flag (on the weekly chart) for a daily close above the psychologically key 2 whole figure level by sometime this week…
WTI Crude (CL) edged higher Friday, completing a near week long recovery from just above the psychologically key 70 whole figure level after the prior week’s sharp pullback. The bigger picture is of CL is trying to form a higher major low (formed December) versus the March and May low…
Raw sugar (SB) edged more than 1% higher with a daily Doji yesterday, with odds decent for a weekly close above the 50% Fib retrace of the December slide. Any changing to green of the red weekly Doji forming will suggest a decisive break next week above dowchannel resistance (on the weekly chart), resuming the strong bounce off the psychologically key 20 whole figure level…
New York Cocoa (CC) surged more than 3.5% higher yesterday to a fresh 2024 and record high, but appears increasingly vulnerable to a sharp reversal by next week sometime after 9 straight green daily candles. Any sudden pullback should find initial support around the psychologically key 5k whole figure level…
Arabica Coffee (KC) bounced more than 1% yesterday, and appears to be nearing completion of the consolidation since late December. KC is less likely in February to slide back to the January low, than to extend back to Bull Flag resistance (on the weekly chart) or to the psychologically key 2 whole figure level…
Raw sugar (SB) edged higher with a daily Hammer yesterday, with odds decent for a reclaiming by the weekend of the 50% Fib retrace of the December slide. Nevertheless, with the still red weekly candle bumping against dowchannel resistance (on the weekly chart), the soonest SB resumes its strong bounce off the psychologically key 20 whole figure level is likely next week…
