New York Cocoa (CC) slid almost 2.5% yesterday, closing at upchannel support (on the daily and weekly chart). Despite decent odds for a day or so of short covering, CC appears poised for deeper profittaking by late week after breaking yesterday below the psychologically key 3500 key whole figure level…
Arabica Coffee (KC) slid more than 1.5% yesterday in its 4th straight red daily candle. KC is suddenly back to near its August and September lows. With yesterday’s break below the psychologically key 1.5 whole figure level, KC is now suddenly once again vulnerable to a retest by month end of the weekly chart downtrend support (connecting the March and August lows)…
Raw sugar (SB) formed a daily Doji Friday and a weekly Doji just below the 2023 high. SB’s bull market from April 2020 is pausing, although the bounce from just below the 38.2% Fib retrace of the November to April bull market extension and near the 23.6% Fib retrace of the April 2020 to April 2023 bull market (as seen easier on a monthly chart on tradingview.com) remains strong overall as seen by the current green monthly candle’s upper shadow having edged above the upper range of the April candle…
New York Cocoa (CC) formed a red daily Gravestone Friday, and appears poised for more healthy profittaking this week after getting rejected two Fridays ago at a fresh 2023 high near upchannel resistance (on the weekly chart). CC appears like it’ll need to consolidate further going into month end before it makes another attempt at retesting its record high (as can be seen easier on a monthly chart on tradingview.com)…
Arabica Coffee (KC) slid more than 2% Friday, with last week’s rejection near the July and August highs sending it back to near the psychologically key 1.5 whole figure level. KC is now suddenly once again appearing vulnerable to an extension of the downtrend since the April high…
The S&P500 (ES) edged lower with a daily Gravestone Friday, closing the week just above what is likely to become initial upchannel support (on the weekly chart). With the lower September low versus the August low, ES will all but form a lower September high versus the August high, with the July high likely to have been the high for 2023…
Raw sugar (SB) edged higher yesterday, but remains vulnerable to further consolidation going into next week after the rejection of the current weekly Gravestone/Doji near Friday’s fresh 2023 intraday high. SB’s bull market from April 2020 is pausing, although the bounce from just below the 38.2% Fib retrace of the November to April bull market extension and near the 23.6% Fib retrace of the April 2020 to April 2023 bull market (as seen easier on a monthly chart on tradingview.com) remains strong overall as seen by the current green monthly candle’s upper shadow having edged above the upper range of the April candle…
New York Cocoa (CC) formed a green daily Hammer/Doji yesterday, but remains poised for more healthy profittaking next week after closing Friday at a fresh 2023 high near upchannel resistance (on the weekly chart). CC appears like it’ll need to consolidate further going into month end before it makes another attempt at retesting its record high (as can be seen easier on a monthly chart on tradingview.com)…
Arabica Coffee (KC) slid more than 2% yesterday, with the weekly Gravestone having been rejected near the July and August highs. KC has now given up half of the bounce that began last week off just above the September low…
Raw sugar (SB) reversed more than 2% yesterday, with the current weekly Gravestone/Doji having been rejected near Friday’s fresh 2023 intraday high. SB’s bull market from April 2020 is pausing, although the bounce from just below the 38.2% Fib retrace of the November to April bull market extension and near the 23.6% Fib retrace of the April 2020 to April 2023 bull market (as seen easier on a monthly chart on tradingview.com) remains strong overall as seen by the current green monthly candle’s upper shadow having edged above the upper range of the April candle…
