Raw sugar (SB) closed last week with a daily Gravestone around the April /2024 low and the lowest level since January 2023. With SB comfortably below the upchannel support connecting the lows of 2020 and 2023 (as can be seen on a monthly continuous chart on tradingview.com), odds are elevated for a test of the 50% Fib retrace of the April 2020 to March 2023 bull market top by May sometime…
New York Cocoa (CC) slid nearly 1% Friday (on the July contract), tiring just below the April/2024/record high. Odds are elevated for further healthy consolidation this week as hinted by last week’s 1st red weekly candle in 7 weeks…
Arabica Coffee (KC) edged more than 1% lower Friday (on the July contract), and appears to want to extend its week plus healthy profittaking this week from the April/2024 high (around the August 2022 high). Although bullish momentum and a recapture of the February 2022 high (as seen easier on a monthly chart at tradingview.com) by May sometime is fairly likely, any break this week below upchannel support (on the daily chart) will defer any retest of the April/2024 high by a week or so…
Wheat (ZW) edged higher for a 6th straight green daily candle Friday. Following last week’s massive gains from just above descending wedge resistance (on the weekly chart), ZW is likely to retest the 2024 high by May sometime…
Raw sugar (SB) slid more than 2.5% yesterday, testing last Wednesday’s fresh 2024 low and the lowest level since January 2023. Any attempt to short cover again next week off descending wedge support (on the weekly chart) will likely remain subdued with SB comfortably below the upchannel support connecting the lows of 2020 and 2023 (as can be seen on a monthly continuous chart on tradingview.com)…
New York Cocoa (CC) slid nearly 5% yesterday (on the July contract), tiring just below Friday’s fresh 2024 and record high. Odds are elevated for further healthy consolidation next week as hinted by the still red weekly hammer which may become the 1st red weekly candle in 7 weeks…
Arabica Coffee (KC) formed a daily Doji yesterday (on the July contract), remaining vulnerable to further healthy profittaking going into next week following last Thursday’s fresh 2024 intraday high (around the August 2022 high). Although bullish momentum can be expected to remain strong over the next few months (as seen easier on a monthly chart at tradingview.com), odds remain moderate for deeper consolidation by next week sometime to upchannel support (on the daily chart)…
Raw sugar (SB) edged higher yesterday, closing again just above Wednesday’s fresh 2024 low and the lowest level since January 2023. Any further short covering this week as it tries to bounce off descending wedge support (on the weekly chart) will likely remain subdued as suggested by the weekly Gravestone forming…
New York Cocoa (CC) edged higher yesterday (on the July contract), closing just shy of Friday’s fresh 2024 and record high. Nevertheless, odds remain elevated for healthy consolidation by next week as hinted by the still red weekly hammer which may become the 1st red weekly candle in 7 weeks…
Arabica Coffee (KC) rebounded more than 2.5% yesterday (on the July contract), trying to halt the healthy profittaking from last Thursday’s fresh 2024 intraday high (around the August 2022 high). Although bullish momentum can be expected to remain strong over the next few months (as seen easier on a monthly chart at tradingview.com), odds remain moderate for further consolidation ahead of the weekend to upchannel support (on the daily chart)…
