Raw sugar (SB) slid 1.5% plus yesterday, breaking triangle support (on the daily chart). SB is suddenly vulnerable to deepening in its consolidation since late June, and is now testing the August low…
Cocoa Daily Aug 22, 2023
New York Cocoa (CC) edged lower yesterday, and is once again at risk of continuing the slide from the record high (formed 2 weeks ago). Any test of the August low will coincide with a test of upchannel support (on the weekly chart)…
Coffee Daily Aug 22, 2023
Arabica Coffee (KC) formed a daily Gravestone yesterday, briefly reclaiming the prior downchannel support (on the daily chart), suggesting the slide from the August high may be exhausting. Nevertheless, despite the moderate probability for further short covering in the next few days, KC remains vulnerable to testing the 2023 low by next week…
Sugar Daily Aug 21, 2023
Raw sugar (SB) slid 1% Friday, testing triangle support (on the daily chart). SB is nearing completion on its consolidation since late June, and appears unwilling given the higher August low versus the July low so far, to much more deepen in its healthy profittaking from the July high just above the psychologically key 25 whole figure level…
Cocoa Daily Aug 21, 2023
New York Cocoa (CC) slid more than 1% yesterday, and is once again at risk of continuing the slide from the record high (formed 2 weeks ago). Any test of the August low will coincide with a test of upchannel support (on the weekly chart)…
Coffee Daily Aug 21, 2023
Arabica Coffee (KC) edged higher Friday with the 4th straight daily Doji/Hammer near downtrend support (on the daily chart) suggesting the slide from the August high may be exhausting. Nevertheless, despite the moderate probability for short covering early this week, KC remains vulnerable to testing the 2023 low by late week…
WTI Crude (CL) Weekly Hammer Reclaims Key 80 Level
WTI Crude (CL) gained for a second straight day Friday closing the week near the July high above the psychologically key 80 whole figure level. CL appears to be in the late stages of consolidating from its 2023 high (set 2 weeks ago) after sharply reversing from last week’s weekly Hammer low…
Sugar Daily Aug 18, 2023
Raw sugar (SB) edged more than 0.5% lower yesterday, closing back below triangle resistance (on the daily chart) after a brief intraday break above it. SB is nearing completion on its consolidation since late June, and appears unwilling given the higher August low versus the July low so far and the weekly Doji forming, to resume the healthy profittaking from the July high just above the psychologically key 25 whole figure level…
Cocoa Daily Aug 18, 2023
New York Cocoa (CC) gained another 1% plus yesterday, and is trying to halt the slide from the record high last week as seen by the green weekly candle whose body is now back to last week’s weekly candle open. Nevertheless, following last Monday’s sharp reversal from a fresh 2023 intraday high and upchannel resistance (on the weekly chart), CC is unlikely to see a weekly close above upchannel support (on the daily chart)…
Coffee Daily Aug 18, 2023
Arabica Coffee (KC) edged more than 1% lower yesterday with its red daily Hammer bouncing off downtrend support (on the daily chart). Although KC may see a bit of short covering going into early next week, it remains vulnerable to testing the 2023 low by next week sometime…