Cocoa Daily Jun 26, 2024

New York Cocoa (CC) edged more than 1% lower yesterday (on the September contract) with the daily Hammer reversing from the around the 50% Fib retrace of the January to April bull market extension. Nevertheless, CC remains at moderate risk of unravelling the bounce from the May low by early July…

Sugar Daily Jun 25, 2024

Raw sugar (SB) surged more than 2.5% yesterday forming a fresh June high (on the October contract). SB is unlikely to drift back to the 2024 low by month end. A weekly close above the May high and the psychologically key 20 whole figure level, and a test of descending wedge resistance (on the weekly chart) by early July are now likely…

Cocoa Daily Jun 25, 2024

New York Cocoa (CC) slid a massive 8% plus yesterday (on the September contract), and is now at moderate risk of unravelling the rally from the May low by early July. With CC’s decisive rejection this month from just above the psychologically key 10k whole figure level, CC has all but formed a major top (in April) for the year as opposed to merely be consolidating within a Bull Flag with the already long red June candle body lengthening (as can be seen on a continuous monthly chart on tradingview.com)…

Cocoa Daily Jun 24, 2024

New York Cocoa (CC) edged lower Friday with its daily Doji (on the September contract), closing near the low of the week (formed intraday). With CC’s first red weekly candle in 5 weeks rejected last week just below the psychologically key 10k whole figure level, CC is now at moderate risk of unravelling at least half of the rally from the May low by early July…