Raw sugar (SB) slid more than 1% Friday (on the July contract), closing just shy of Thursday’s fresh 2024 intraday low. Nevertheless, with 7 of the last 8 daily candles red, any break early week above the 4hr chart downchannel resistance will likely be followed in the few days after by a clawing back above descending wedge support (on the weekly chart) from the lowest level since November 2022…
New York Cocoa (CC) edged nearly 1% lower Friday (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 sometime this 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) bounced more than 4% Friday (on the July contract), reclaiming the psychologically key 2 whole figure level. Given last week’s weekly Hammer having turned green with an elongating body by the end of the week, odds are decent for KC to have found its support around the 50% Fib retrace of the October to April bull market extension (which it refused to slide much below the past 2 weekly candles)…
Natural Gas (NG) surged more than 4% Friday (on the July contract), closing around the highest level since January. NG has made a major bottom (as can be seen on a monthly chart on tradingview.com), with elevated odds for a test of the 2024 high and psychologically key 3 whole figure level by early June…
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)…
