New York Cocoa (CC) slid 20% yesterday – the most ever on a daily basis. Some shortcovering may kick in as early as today though with CC back to near the May low and the 61.8% Fib retrace of the January to April bull market extension…
Arabica Coffee (KC) slid more than 2% yesterday, failing to hold above the psychologically key 2 whole figure level. With this week’s red weekly candle body elongating after last week’s weekly Hammer, odds are elevated for a decisive slide before the weekend below the 50% Fib retrace of the October to April bull market extension (which it is probing), with a test of the weekly chart upchannel support around the 61.8% Fib likely by month end…
Raw sugar (SB) slid nearly 1.5% Friday, closing the week just above the April/2024 low, descending wedge support (on the weekly chart) and the lowest level since January 2023. Any bounce this week back above the psychologically key 20 whole figure level (albeit unlikely for now) would dramatically increase the odds of testing the 38.2% Fib retrace of the April 2020 to March 2023 bull market top (as can be seen on a monthly continuous chart on tradingview.com) in the week after (as part of a month long or so Bear Flag consolidation)…
New York Cocoa (CC) edged nearly 2% higher Friday (on the July contract) closing the week back above the 38.2% Fib retrace of the January to April bull market extension. Any reclaiming of the psychologically key 9k whole figure level this week sometime will further neutralize the slide from the April record high, but for now, CC remains more vulnerable to a retesting of the May low sometime before month end…
Arabica Coffee (KC) formed a daily Doji Friday, closing the week just above the psychologically key 2 whole figure level. With last week’s weekly Hammer having reclaimed the 50% Fib retrace of the October to April bull market extension from just above the weekly chart upchannel support, the slide from the April/2024/August 2022 high may be in the early stages of halting…
Corn (ZC) surged more than 2.5% Friday (on the July contract), closing the week near the May high. With ZC once again at the highest level since February, it is arguably in the early stages of forming a major bottom (as can be seen more easily on a monthly chart on tradingview.com)…
Raw sugar (SB) slid more than 1.5% yesterday, hesitating on the rebound off the April/2024 low, descending wedge support (on the weekly chart) and the lowest level since January 2023. Any weekly close above the psychologically key 20 whole figure level would dramatically increase the odds of testing the 38.2% Fib retrace of the April 2020 to March 2023 bull market top (as can be seen on a monthly continuous chart on tradingview.com) in the week after (as part of a month long or so Bear Flag consolidation)…
New York Cocoa (CC) edged higher yesterday (on the July contract) closing around the 38.2% Fib retrace of the January to April bull market extension. Any reclaiming of the psychologically key 9k whole figure level by next week sometime will further neutralize the slide from the April record high, but for now, CC remains more vulnerable to a retesting of last week’s low sometime in May…
Arabica Coffee (KC) gained more than 1% yesterday and is trying to close the week above the psychologically key 2 whole figure level. With the near complete weekly Hammer having reclaimed the 50% Fib retrace of the October to April bull market extension from just above the weekly chart upchannel support, the slide from the April/2024/August 2022 high may be in the early stages of halting…
Raw sugar (SB) formed a daily Doji yesterday, hesitating on the rebound off the April/2024 low, descending wedge support (on the weekly chart) and the lowest level since January 2023. Any weekly close though above the psychologically key 20 whole figure level would dramatically increase the odds of testing the 38.2% Fib retrace of the April 2020 to March 2023 bull market top (as can be seen on a monthly continuous chart on tradingview.com) in the week after (as part of a month long or so Bear Flag consolidation)…
