Raw sugar (SB) edged higher yesterday with a daily Hammer as part of the weekly Gravestone forming just above the April/2024 low and the lowest level since January 2023. With SB still 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 mid May…
New York Cocoa (CC) slid a massive 8% plus yesterday (on the July contract), breaking the 50% Fib retrace of the January to April bull market extension. Nevertheless, with yesterday’s daily Doji, CC may see some short covering going into early next week with CC also testing what is arguably descending wedge support (on the 4hr chart)…
Arabica Coffee (KC) slid more than 4% yesterday (on the July contract), testing the 38.2% Fib retrace of the October to April rally. Regardless of any shortcovering today, KC is vulnerable next week to further healthy profittaking from the April/2024/August 2022 high…
Raw sugar (SB) slid more than 1% yesterday, closing the month just above the April/2024 low and the lowest level since January 2023. With SB still 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 a massive 11% plus yesterday (on the July contract), and is vulnerable to extending going into next week, the reversal from the April/2024/record high. CC’s parabolic rise has ended with an already long bodied red May candle following the red April Gravestone as seen on a continuous monthly chart on tradingview.com) and the monthly MACD histogram beginning to negatively slope…
Arabica Coffee (KC) edged higher yesterday (on the July contract) with a daily Doji, but remains vulnerable going into the weekend to continuing its healthy profittaking from the April/2024/August 2022 high. KC is now moderately likely to test the 38.2% Fib retrace of the October to April rally by next week sometime, with any deeper slide to the psychologically key 2 whole figure level likely to find strong support…
Raw sugar (SB) slid more than 1.5% yesterday, closing the month just above the April/2024 low and the lowest level since January 2023. With SB still 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) rebounded nearly 4% yesterday (on the July contract), but remains vulnerable to resuming the reversal from the April/2024/record high by early next week. Any further short covering ahead of the weekend is unlikely to regain the psychologically key 10k whole figure level and the daily chart upchannel support…
Arabica Coffee (KC) slid a massive 6% plus yesterday (on the July contract), and appears now to want to deepen its healthy profittaking from the April/2024/August 2022 high. With yesterday’s daily close comfortably below upchannel support (on the daily chart), bulls should not rule out a retest of the psychologically key 2 whole figure level by the weekend…
New York Cocoa (CC) slid a massive near 15% yesterday (on the July contract), furthering the reversal from the April/2024/record high. Odds are elevated for deeper healthy profittaking the balance of this week with yesterday’s daily close below the psychologically key 10k whole figure level and the daily chart upchannel support…
