Arabica Coffee (KC) slid almost 3% yesterday, with its daily Gravestone closing below the psychologically key 1.75 whole figure level and forming a fresh intraday 2022 low. Nevertheless, odds are elevated for a break above the 4hr chart downchannel resistance and descending wedge resistance (on the daily chart) in the next day or so with high likelihood for a bounce in the next week or so off the weekly chart descending wedge support…
Soybean (ZS) is forming a daily and weekly Doji to start the week, hesitating after last week’s strong surge to triangle resistance (on the weekly chart). With ZS having reversed more than half of the sharp slide from the June high to the July low, odds are better for a retest of the 2022 high going into year end, than it is for a slide back to the July low during the same period, with the July low coinciding with the 50% Fib retrace of the May 2019 to June 2022 bull market (as can be seen on tradingview.com)…
Arabica Coffee (KC) rebounded more than 2% Friday, forming a daily Doji just above the psychologically key 1.75 whole figure level. Any break above the 4hr chart downchannel resistance and descending wedge resistance (on the daily chart) in the next day or so would strongly reinforce last week’s weekly Gravestone bounce off just above the weekly chart downtrend support…
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Raw Sugar (SB) formed a second straight daily Hammer yesterday, and appears poised to test downchannel resistance (on the weekly chart) by next week sometime. Yesterday’s close just shy of the 38.2% Fib retrace of the April to September slide dramatically increases the odds of SB breaking above the October high and the psychologically key 0.19 whole figure level by mid November…
Arabica Coffee (KC) slid a massive 5% plus yesterday, closing back below the psychologically key 1.75 whole figure level. With KC trying to form a weekly Gravestone at the weekly chart downtrend support, odds are still decent for a bounce next week back above the 50% Fib of the June 2020 to February 2022 bull market (near 1.775)…
The GBPAUD is consolidating just above what is arguably downchannel resistance (on the weekly chart), forming a 3rd straight daily Doji/Hammer near the psychologically key 1.80 whole figure level. Although the GBPAUD remains slightly above the 61.8% Fib retrace of the February to September slide, after the powerful bounce off the September low, a healthy pullback to the 50% Fib sometime in November is moderately likely…
Arabica Coffee (KC) rebounded more than 4% yesterday, closing back above the psychologically key 1.80 whole figure level. KC is gaining momentum on its bounce off the swing low from the August high after yesterday’s break above descending wedge resistance (on the daily chart)…
Silver (SI) is consolidating after yesterday’s near 3% bounce to the psychologically key 20 whole figure level. SI appears to be in the advanced stages of forming a major bottom after a higher October high/low versus the September high/low…
Arabica Coffee (KC) slid more than 1.5% yesterday, closing around the psychologically key 1.75 whole figure level. KC appears to be in the early stages of forming a bottom on the swing down from the August high, arguably consolidating around descending wedge resistance (on the daily chart)…
