Raw sugar (SB) edged more than 0.5% higher yesterday, with a green weekly Hammer trying to form just above the April/2024 low and the lowest level since January 2023. Any decisive rebound off descending wedge support (on the weekly chart) will likely coincide with a recapture of the psychologically key 20 whole figure level…
New York Cocoa (CC) slid more than 5% yesterday (on the July contract), closing just below the 50% Fib retrace of the January to April bull market extension. Although the break above what is arguably descending wedge resistance (on the 4hr chart) could send CC back briefly above the psychologically key 8k whole figure level, CC for now appears more vulnerable to a further slide to the March low sometime in May…
Arabica Coffee (KC) slid another 2.5% plus yesterday (on the July contract), breaking below the psychologically key 2 whole figure level to the 50% Fib retrace of the October to April bull market extension. 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…
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…
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…
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…
Natural Gas (NG) surged more than 5% Friday (on the July contract), closing around the highest level since March. NG is once again trying to make a major bottom (as can be seen on a monthly chart on tradingview.com) and with last week’s break above descending wedge resistance (on the weekly chart)…
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…
