Arabica Coffee (KC) reversed more than 3% yesterday, closing near this week’s low just above triangle support (on the daily chart). With KC back to the 50% Fib retrace of the July to August rally, KC is suddenly near complete on its 2nd straight weekly Gravestone…
The GBPUSD is trying to firm after yesterday’s healthy profittaking, but remains vulnerable to more consolidation ahead of the weekend before it can rechallenge the psychologically key 1.15 whole figure level. With what is arguably a Bullish Island Reversal (on the weekly chart) near complete, the GBPUSD is likely to test downchannel resistance (on the weekly chart) before month end…
Arabica Coffee (KC) surged almost 2.5% yesterday, closing near triangle resistance (on the daily chart). KC closed just above the 38.2% Fib retrace of the July to August rally, and is trying to form a weekly Hammer, which after last week’s weekly Gravestone suggests an unwillingness for KC to resume its slide from downchannel resistance (on the weekly chart)…
Silver (SI) is consolidating after Monday’s massive surge above descending wedge resistance (on the weekly chart). Although SI has made its major bottom, healthy profittaking for the balance of the week is likely as it bumps up against the August high as well as ascending wedge resistance (on the 4hr chart)…
Arabica Coffee (KC) bounced more than 1.5% yesterday, refusing to slide to triangle support (on the daily chart). KC closed just above the 50% Fib retrace of the July to August rally, and is trying to form a weekly Hammer, which after last week’s weekly Gravestone suggests an unwillingness for KC to resume its slide from downchannel resistance (on the weekly chart)…
The S&P500 (ES) is bumping up against downchannel resistance (on the 4hr chart) but appears poised to surge higher as it has just broken what is arguably a descending wedge resistance (on the daily chart). ES is poised to extend the rebound off its fresh 2022 low formed yesterday, as it has now clawed back above the prior 2022 low (of June), and appears to be gearing up for another Dead Cat Bounce (but weaker in magnitude) relative to the late June-late August one…
Arabica Coffee (KC) slid more than 2.5% yesterday, looking vulnerable to breaking triangle support (on the daily chart) in the next day or so. KC is once again below the 50% Fib retrace of the July to August rally, and is at elevated risk this week of resuming its slide from downchannel resistance (on the weekly chart)…
Corn (ZC) is pushing higher to start the week, but likely to hesitate in the next day or so as it bumps up against triangle resistance (on the weekly chart) and the psychologically key 700 whole figure level. Although healthy profittaking is in order, with ZC’s strong bounce off the July low, ZC appears more likely to retest the 2022 high before year end than to slide back in the same period to the July low, or the 50% Fib retrace of the April 2020 to April 2022 bull market (as can be seen on tradingview.com)…
Arabica Coffee (KC) slid almost 2% Friday, looking vulnerable to retesting triangle support (on the daily chart) this week. KC is once again below the 38.2% Fib retrace of the July to August rally, and is at elevated risk this week of resuming its slide from downchannel resistance (on the weekly chart)…
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