Natural Gas (NG) surged Friday another near 4%, closing at a fresh June high. With NG having last week rallied strongly off the 2023 low (formed the week prior) and the weekly chart support, NG is once again trying to form a major bottom (as can be seen on a monthly chart on tradingview.com)…
Raw sugar (SB) edged higher yesterday and suddenly appears to have a decent chance of extending the upchannel (on the weekly chart) and retesting in June, the 2023 high formed in April. Any failure in this past week’s rebound to reach the April high by early next week, would likely give way to a slide below the psychologically key 25 whole figure level and the weekly chart upchannel support…
New York Cocoa (CC) gained another 1% plus yesterday to a fresh 2023 high, but is increasingly vulnerable to healthy profittaking and sliding back within the upchannel (on the weekly chart) by early next week. Nevertheless, CC may have enough momentum on its current uptrend to test its 2015 high (formed that December) sometime by month end…
Arabica Coffee (KC) tacked on another 1% plus yesterday to Wednesday’s bounce from a fresh June low. KC increasingly appears likely to form a higher June low versus the May low…
Raw sugar (SB) bounced more than 2.5% yesterday and suddenly appears to have a decent chance of extending the upchannel (on the weekly chart) and retesting in June, the 2023 high formed in April. Nevertheless, odds appear higher for SB to fail in this past week’s rebound to reach the April high, giving way to a slide below the psychologically key 25 whole figure level and the weekly chart upchannel support…
New York Cocoa (CC) edged higher yesterday to a fresh 2023 high, but is showing signs of exhaustion with yesterday’s daily Doji and a weekly Doji trying to form at upchannel resistance (on the weekly chart). Although CC appears to want to test its 2015 high (formed that December) sometime by Q3, CC is vulnerable in the next week or so to sliding back within its weekly chart upchannel, which would dramatically increase the odds of a deeper pullback in the week after to upchannel support (on the daily and weekly chart)…
Arabica Coffee (KC) rebounded almost 1% yesterday from a fresh June low, trying to form a higher June low versus the May low. Nevertheless, a weekly close below upchannel support (on the weekly chart) remains moderately likely, and would dramatically increase the odds of KC retesting downchannel support (on the daily chart) in the week after…
Raw sugar (SB) slid more than 1% yesterday and appears increasingly vulnerable this week to deepening in its consolidation from the 2023 high (formed in Apr). Any test of its record high (formed Feb 2011 and seen easier on a monthly chart on tradingview.com) will likely have to wait until sometime in 2024…
New York Cocoa (CC) edged more than 1.5% higher yesterday, but is showing signs of exhaustion after sharply reversing lower intraday from a fresh 2023 high. Although CC appears to want to test its 2015 high (formed that December) sometime by Q3, CC is vulnerable the balance of this week to breaking the 4hr upchannel support, which would dramatically increase the odds of a deeper slide in the week after to upchannel support (on the daily and weekly chart)…
Arabica Coffee (KC) slid another 1.5% plus yesterday, and is suddenly near the June low. Any weekly close below upchannel support (on the weekly chart) will dramatically increase the odds of KC retesting downchannel support (on the daily chart) in the week after….
