Arabica Coffee (KC) edged nearly 1% higher yesterday, closing near its December high. Odds are now elevated for a test of the 2023 high (formed April on the March contract) by Xmas before consolidating going into year end…
Coffee Daily Dec 19, 2023
Sugar Daily Dec 18, 2023
Raw sugar (SB) slid nearly 1% Friday with its daily Doji trading just above the 61.8% Fib retrace of the 2023 bull market extension (near 21.5). Nevertheless, with SB having broken Thursday below the June low, and SB comfortably below the 23.6% Fib retrace of the bull market since May 2020 (as seen easier on a monthly continuous chart on tradingview.com) near 23, SB appears to be in the middle stages of a multi-month consolidation, with moderate odds that the major bull market has topped…
Cocoa Daily Dec 18, 2023
New York Cocoa (CC) edged more than 0.5% lower Friday, looking increasingly vulnerable to healthy consolidation going into year end. Last week’s red weekly Doji hesitated at a 2023 and record high (as can be seen easier on a monthly chart on tradingview.com), interrupting 10 straight weeks of gains off the September/October low…
Coffee Daily Dec 18, 2023
Arabica Coffee (KC) edged more than 0.5% lower yesterday, with a 2nd straight daily Doji hovering just shy of its 2023 high (formed April on the March contract). Nevertheless, the continuous contract (as seen easier on a monthly contract tradingview.com) does not appear likely to form a fresh 2023 high until at least sometime in January…
Silver (SI) Tries Reclaiming Weekly Chart Downchannel Resistance
Silver (SI) edged almost 1% lower Friday on healthy consolidation after the strong gains off Wednesday’s December low. SI is now trying to reclaim downchannel resistance (on the weekly chart), which if successful, dramatically increases the likelihood of breaking within a week after back above the psychologically key 25 whole figure level and a major triangle/downtrend resistance connecting the April 2011 and February 2021 highs (as can be seen easier on a monthly chart on tradingview.com)…
Sugar Daily Dec 15, 2023
Raw sugar (SB) rebounded almost 1% yesterday with its daily Hammer finding support after edging just below the 61.8% Fib retrace of the 2023 bull market extension (near 21.5). Nevertheless, with SB having slid this week below the June low, and SB comfortably below the 23.6% Fib retrace of the bull market since May 2020 (as seen easier on a monthly continuous chart on tradingview.com) near 23, SB appears to be in the middle stages of a multi-month consolidation, with moderate odds that the major bull market has topped…
Cocoa Daily Dec 15, 2023
New York Cocoa (CC) edged higher yesterday, but remains vulnerable to healthy consolidation going into year end with the current red weekly Doji hesitating at a 2023 and record high (as can be seen easier on a monthly chart on tradingview.com). After 10 straight up weeks off the September/October low, and with how overbought CC is on the monthly chart, the probability of a swing sometime before year end to below the psychologically key 4k whole figure level is moderately high…
Coffee Daily Dec 15, 2023
Arabica Coffee (KC) surged more than 1% yesterday, extending at one point to just shy of its 2023 high (formed April on the March contract). Nevertheless, the continuous contract (as seen easier on a monthly contract tradingview.com) does not appear likely to form a fresh 2023 high until at least sometime in January…
Sugar Daily Dec 14, 2023
Raw sugar (SB) slid more than 2.5% yesterday, vulnerable to retesting going into the weekend, the 61.8% Fib retrace of the 2023 bull market extension (near 21.5). With yesterday’s retest of the June low, and SB comfortably below the 23.6% Fib retrace of the bull market since May 2020 (as seen easier on a monthly continuous chart on tradingview.com) near 23, SB appears to be in the middle stages of a multi-month consolidation, with moderate odds that the major bull market has topped…
Cocoa Daily Dec 14, 2023
New York Cocoa (CC) edged higher yesterday, but remains vulnerable to healthy consolidation going into year end with the current red weekly Doji hesitating at a 2023 and record high (as can be seen easier on a monthly chart on tradingview.com). After 10 straight up weeks off the September/October low, and with how overbought CC is on the monthly chart, the probability of a swing sometime before year end to below the psychologically key 4k whole figure level is moderately high…