Wheat (ZW) is trying to firm to start the week after last week’s rejection from a fresh 2021 high. Significantly, ZW appears more like it is in the middle innings of an orderly consolidation as opposed to the beginning of a Double Top (on the weekly chart) with the August high only slightly above the May high…
Ethereum (ETHUSD) has rallied powerfully since forming a Triple May/June/July bottom, but appears vulnerable to further healthy consolidation this week as it nears the 61.% Fib retrace of the May to July slide. Significantly, although ETHUSD is fairly likely to retest its record high before year end, the odds of profittaking back to 3k this week is moderately high…
Cocoa (CC) slid more than 1.5% yesterday, getting rejected at upchannel/ascending wedge resistance (on the 4hr chart) and upchannel resistance (on the daily chart). Significantly, CC is seeing healthy profittaking after forming a fresh 2021 high Wednesday, consolidating as well the break last week above a downchannel resistance (on the weekly chart connecting the November, March and May highs)…
The USDCHF is gaining for a 3rd straight day, fueled by yesterday’s FOMC Minutes and quickly approaching the highs of June, July and August. Significantly, the USDCHF appears poised to resume its upchannel extension (on the weekly chart), with the current weekly candle breaking above a downtrend resistance line connecting the April high to the July high…
Gold (GC) is trying to edge higher and extend its week plus bounce off just below the psychologically key 1700 whole figure level. Significantly, last week’s weekly Hammer successfully rebounded off the 2021 March low, offering a glimmer of hope to bulls who view the slide since the August 2020 peak as an extended consolidation (within a massive Bull Flag)…
The Nasdaq100 (NQ) sharply reversed an intraday dip yesterday, forming a daily Hammer just above the psychologically key 15k whole figure level. Significantly, although NQ could nudge higher this week towards upchannel resistance (on the weekly chart), NQ is incredibly overbought on a monthly chart, where yesterday’s brief break below the ascending wedge support (on the daily chart) dramatically increases the odds of a retest of yesterday’s low in the next few days, and a test of the July low in the next week…
Wheat (ZW) is gaining for a 5th straight day, retesting the 2021 high formed in July. Significantly, although the upside in the next few days appears to be limited to uptrend resistance (on the 4hr chart) and ascending wedge resistance (on the daily chart), there is a moderately high probability that ZW will gravitate to the psychologically key 800 whole figure level by the weekend…
Ethereum (ETHUSD) has rallied powerfully these past 3 weeks, but could soon see a bit of healthy consolidation around the 61.% Fib retrace of the May to July slide. Significantly, although ETHUSD appears moderately likely to retest its record high sometime in the next few months, the odds of profittaking back to 3k this week is high…
Arabica Coffee (KC) gained almost 1.5% yesterday, posting its 4th straight green daily candle and making progress in the week plus effort to halt the slide from the July peak (and highest level since October 2014). Significantly, KC has rebounded off the 38.2% Fib retrace of the November to July rally extension, and has a moderate likelihood of retesting the 2021 high before month end…
The USDJPY is consolidating for a 2nd straight day, digesting the climb this week back above the psychologically key 110 whole figure level. Significantly, the USDJPY appears to have halted the month and a half of healthy profittaking from the fresh 2021 high in early July…
