Raw sugar (SB) slid more than 1.5% yesterday (on the July contract), forming a fresh 2024 low. Nevertheless, any break above the 4hr chart downchannel resistance will likely be followed by early next week, a clawing back above descending wedge support (on the weekly chart) from the lowest level since November 2022…
New York Cocoa (CC) slid nearly 6% yesterday (on the July contract), and appears poised to retest the May low and the 61.8% Fib retrace of the January to April bull market extension by sometime next week. Bulls should be prepared for the elevated odds of a bear flag extension going into month end to the 61.8% Fib retrace of the entire February 2023 to April 2024 historic bull market (as can be seen on a continuous monthly chart on tradingview.com) or even to the psychologically key 6k whole figure level…
Arabica Coffee (KC) edged lower yesterday with a daily Doji (on the July contract), closing just below the psychologically key 2 whole figure level. With its second straight weekly Hammer turning red, odds are once again decent for another test by next week, of the 50% Fib retrace of the October to April bull market extension (which it’s probed these past 2 weekly candles)…
Raw sugar (SB) slid nearly 1.5% yesterday (on the July contract), nearing Tuesday’s fresh 2024 intraday low. Nevertheless, any break above the 4hr chart downchannel resistance will likely coincide with a weekly close back above descending wedge support (on the weekly chart) from the lowest level since November 2022…
New York Cocoa (CC) gained more than 6% yesterday (on the July contract) continuing a rebound following Monday’s historic 20% slide – the most ever on a daily basis. Further shortcovering is fairly likely ahead of the weekend with CC trying to hold the May low and the 61.8% Fib retrace of the January to April bull market extension…
Arabica Coffee (KC) edged lower yesterday with a daily Hammer (on the July contract), closing just below the psychologically key 2 whole figure level. With its second straight weekly Hammer turning red, odds are once again decent for another test by next week, of the 50% Fib retrace of the October to April bull market extension (which it’s probed these past 2 weekly candles)…
Raw sugar (SB) bounced 1.5% yesterday off a fresh 2024 intraday low, reclaiming descending wedge support (on the weekly chart) from the lowest level since November 2022. Short covering is likely for the balance of the week as part of a Bear Flag consolidation (of the slide from the November high) after testing yesterday the 50% Fib retrace of the April 2020 to March 2023 bull market top (as can be seen on a monthly continuous chart on tradingview.com)…
New York Cocoa (CC) edged higher yesterday with a daily Gravestone after Monday’s historic 20% slide – the most ever on a daily basis. Further shortcovering may kick in today though with CC trying to hold the May low and the 61.8% Fib retrace of the January to April bull market extension…
Arabica Coffee (KC) rebounded more than 2.5% yesterday (on the July contract), reclaiming the psychologically key 2 whole figure level. With a second straight green weekly Hammer forming, KC no longer appears like it wants to decisively slide before the weekend below the 50% Fib retrace of the October to April bull market extension (which it is probing)…
Raw sugar (SB) slid more than 3% yesterday, breaking to a fresh 2024 low, and closing below descending wedge support (on the weekly chart) to the lowest level since November 2022. SB may begin a Bear Flag consolidation as early as today though as it tests the 50% Fib retrace of the April 2020 to March 2023 bull market top (as can be seen on a monthly continuous chart on tradingview.com)…
