Raw sugar (SB) slid more than 1% yesterday after reaching a fresh 2023 intraday high. The bull market since May 2020 is once again consolidating and likely to continue to do so the balance of this week…
Cocoa Daily Nov 8, 2023
New York Cocoa (CC) slid more than 0.5% yesterday on healthy profittaking after reaching a fresh 2023 intraday and record high (as can be seen easier on a monthly chart on tradingview.com). CC’s first red weekly candle in 6 weeks has been rejected at upchannel resistance (on the weekly chart), suggesting deeper consolidation going into mid month particularly with how overbought CC is on the monthly chart…
Coffee Daily Nov 8, 2023
Arabica Coffee (KC) gave up more than 1.5% in healthy profittaking yesterday. The weekly Doji forming has been rejected just shy of the psychologically 175 whole figure level and downchannel resistance (on the weekly chart)…
Sugar Daily Nov 7, 2023
Raw sugar (SB) gained more than 0.5% yesterday, closing at a fresh 2023 high. SB is now resuming the bull market since May 2020. The earliest SB will test its record high (formed Feb 2011 as seen easier on a monthly chart on tradingview.com) though will be in 2024…
Cocoa Daily Nov 7, 2023
New York Cocoa (CC) edged higher yesterday, closing at a fresh 2023 and record high (as can be seen easier on a monthly chart on tradingview.com). With CC struggling though to produce a 6th straight green weekly candle, odds are elevated for healthy profittaking to kick in this week particularly with how overbought CC is on the monthly chart…
Coffee Daily Nov 7, 2023
Arabica Coffee (KC) surged more than 1.5% yesterday, closing just shy of the psychologically 175 whole figure level. KC has retraced more than half of its slide from its 2023 high (formed April) and is poised to test a redrawn downchannel resistance (on the weekly chart) this week….
Sugar Daily Nov 6, 2023
Raw sugar (SB) gained more than 1% Friday, closing just shy of the 2023 high (formed October). SB is poised to extend the bull market since May 2020…
Cocoa Daily Nov 6, 2023
New York Cocoa (CC) surged nearly 1% Friday, closing at a fresh 2023 and record high (as can be seen easier on a monthly chart on tradingview.com). With the 6th straight green weekly candle, odds are elevated for healthy profittaking to kick in this week particularly with how overbought CC is on the monthly chart…
Coffee Daily Nov 6, 2023
Arabica Coffee (KC) surged more than 3% Friday, closing above the October and September highs. KC is resuming its rebound off just above the 2023 low, and poised to test a redrawn downchannel resistance (on the weekly chart) this week….
Wheat (ZW) Tries Holding 2023 Low Ahead of WASDE
Wheat (ZW) gained more than 1% Friday with a 3rd straight up day, attempting to hold the 2023 low. Although last week’s weekly Hammer bounced from just above the October and September low, odds remain moderate for a slide back to downchannel support (on the weekly chart) following Wednesday’s highly anticipated WASDE…