New York Cocoa (CC) slid more than 2% Friday (on the September contract) with the daily Hammer reversing higher after briefly breaking below upchannel support (on the 4hr chart). The June high Thursday may very well hold for the balance of the month with CC unable to close Friday above the psychologically key 10k whole figure level…
Arabica Coffee (KC) edged lower Friday with a Daily Doji (on the September contract), extending the consolidation from the June high. Although KC may see further healthy profittaking this week, odds remain moderate for a recapture of the 2024 high and extension of the upchannel (on the weekly chart) by early Q3…
USDCAD hesitated Friday with its daily Gravestone, completing a weekly Hammer just shy of the 2024 high formed in April. Odds are elevated for a bit of further healthy consolidation this week as the USDCAD approaches triangle resistance (on the weekly chart)…
Raw sugar (SB) gained nearly 3% yesterday (on the October contract) on growing momentum on the bounce off the 2024 low. Any reclaiming of the May high and the psychologically key 20 whole figure level will dramatically increase the likelihood of a test of descending wedge resistance (on the weekly chart) in the few days after…
New York Cocoa (CC) edged lower yesterday (on the September contract) with the daily Gravestone reversing after forming a fresh June intraday high. The psychologically key 10k whole figure level may have capped the rally from the May low for June, with further healthy consolidation likely for next week…
Arabica Coffee (KC) edged nearly 1% higher yesterday with a Daily Gravestone (on the July contract) trying to halt the consolidation from May’s high last Thursday. Although KC may see further healthy profittaking ahead of the weekend, odds remain moderate for a recapture of the 2024 high and extension of the upchannel (on the weekly chart) by early Q3…
Raw sugar (SB) gained nearly 2% yesterday (on the July contract) on growing momentum on the bounce off the 2024 low. As SB rallies closer to descending wedge resistance (on the weekly chart), the likelihood of the rebound being short covering from the lowest level since November 2022 falls…
New York Cocoa (CC) surged a massive 6% plus yesterday (on the September contract) forming a fresh June high. CC once again appears likely to close the week above the psychologically key 10k whole figure level, after which it can be expected to consolidate for at least a week…
Arabica Coffee (KC) rebounded nearly 2% yesterday (on the July contract) trying to halt the consolidation from May’s high last Thursday. Although KC may see further healthy profittaking ahead of the weekend, odds remain moderate for a recapture of the 2024 high and extension of the upchannel (on the weekly chart) by early Q3…
Raw sugar (SB) edged more than 0.5% higher yesterday with its daily Doji (on the July contract) trying to avoid sliding back to the 2024 low. Nevertheless, with a weekly Doji also trying to form just above descending wedge support (on the weekly chart), SB’s bounce off just above May’s 2024 low has tired and may be merely short covering from the lowest level since November 2022…
