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 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) edged higher for a 2nd straight day yesterday, with the weekly Hammer forming having reclaimed the 50% Fib retrace of the October to April bull market extension. Any weekly close above the psychologically key 2 whole figure level will suggest a refusal to extend the slide from the April/2024/August 2022 high to the weekly chart upchannel support…
Raw sugar (SB) gained more than 2% yesterday, with the rebound off the April/2024 low and the lowest level since January 2023 gaining momentum. With this week’s bounce off descending wedge support (on the weekly chart), a weekly close above the psychologically key 20 whole figure level is all but certain…
New York Cocoa (CC) rebounded a massive 13% plus yesterday (on the July contract) from just below the 50% Fib retrace of the January to April bull market extension. Any reclaiming of the psychologically key 9k whole figure level 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) formed its first green daily candle in 4 days yesterday (on the July contract), showing early signs of halting the slide from the 2024 high in April. Yesterday’s close back above the 50% Fib retrace of the October to April bull market extension suggests decent odds for a reclaiming of the psychologically key 2 whole figure level by the weekend…
Raw sugar (SB) edged more than 0.5% higher yesterday, with a green weekly Hammer trying to form just above the April/2024 low and the lowest level since January 2023. Any decisive rebound off descending wedge support (on the weekly chart) will likely coincide with a recapture of the psychologically key 20 whole figure level…
New York Cocoa (CC) slid more than 5% yesterday (on the July contract), closing just below the 50% Fib retrace of the January to April bull market extension. Although the break above what is arguably descending wedge resistance (on the 4hr chart) could send CC back briefly above the psychologically key 8k whole figure level, CC for now appears more vulnerable to a further slide to the March low sometime in May…
Arabica Coffee (KC) slid another 2.5% plus yesterday (on the July contract), breaking below the psychologically key 2 whole figure level to the 50% Fib retrace of the October to April bull market extension. Regardless of any shortcovering this week, bulls should not rule out an extension by mid May of the profittaking from the April/2024/August 2022 high to the weekly chart upchannel support…
Raw sugar (SB) edged higher Friday with a daily Doji as part of last week’s green weekly Gravestone just above the April/2024 low and the lowest level since January 2023. Although SB for now appears vulnerable to test descending wedge support (on the weekly chart) by mid May, any recapture of the psychologically key 20 whole figure level will dramatically increase the likelihood of a retest of 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…
New York Cocoa (CC) bounced a massive 9% plus Friday (on the July contract), closing last week above the 50% Fib retrace of the January to April bull market extension. Any weekly close above the psychologically key 8k whole figure level and what is arguably descending wedge resistance (on the 4hr chart), would dramatically increase the likelihood of CC recapturing the 38.2% Fib retrace of the January to April bull market extension in the few days after…
