Sugar Daily May 6, 2024

Raw sugar (SB) edged higher Friday with a daily Doji as part of last week’s green weekly Gravestone just above the April/2024 low and the lowest level since January 2023. Although SB for now appears vulnerable to test descending wedge support (on the weekly chart) by mid May, any recapture of the psychologically key 20 whole figure level will dramatically increase the likelihood of a retest of the 38.2% Fib retrace of the April 2020 to March 2023 bull market top (as can be seen on a monthly continuous chart on tradingview.com) in the week after…

Cocoa Daily May 6, 2024

New York Cocoa (CC) bounced a massive 9% plus Friday (on the July contract), closing last week above the 50% Fib retrace of the January to April bull market extension. Any weekly close above the psychologically key 8k whole figure level and what is arguably descending wedge resistance (on the 4hr chart), would dramatically increase the likelihood of CC recapturing the 38.2% Fib retrace of the January to April bull market extension in the few days after…

Coffee Daily May 6, 2024

Arabica Coffee (KC) slid more than 2.5% Friday (on the July contract), closing just shy of the psychologically key 2 whole figure level and the 50% Fib retrace of the October to April rally. Regardless of any shortcovering this week, bulls should not rule out an extension by mid May of the profittaking from the April/2024/August 2022 high to the weekly chart upchannel support…

Sugar Daily May 3, 2024

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…

Cocoa Daily May 3, 2024

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)…

Sugar Daily May 2, 2024

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…

Cocoa Daily May 2, 2024

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…

Coffee Daily May 2, 2024

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…