Gold (GC) is catching its breath after yesterday’s 1.5% plus surge, with GC now in the advanced stages of a consolidation since hitting a fresh 2023 high in April. With GC now comfortably back above the psychologically key 2k whole figure level, odds are elevated for a retest this week of upchannel/ascending wedge resistance (on the weekly chart)…
Arabica Coffee (KC) edged higher yesterday, showing early signs of halting the consolidation from the April high. KC should continue firming in the next day or so, as it appears to be finding support near its February high…
Nasdaq100 (NQ) is consolidating just shy of the 2023 high, arguably in the advanced stages of a Bull Flag consolidation that began early April. Odds are elevated for a retest this week, of the weekly chart ascending wedge resistance and the 50% Fib retrace of the bear market from the November 2021 high (as can be seen more easily on a weekly chart on tradingview.com)…
Arabica Coffee (KC) edged lower yesterday, continuing the consolidation from the April high. KC should be firming in the next day or so, as it appears to be finding support near its February high….
Wheat (ZW) has just made a fresh 2023 low Friday, but could be about to see some short covering as it tries to bounce off the weekly chart descending wedge support. With ZW near complete on the weekly chart descending wedge, odds are higher for a test of wedge resistance this week than it is for a test of the psychologically key 600 whole figure level…
Arabica Coffee (KC) slid more than 1% Friday, closing further below triangle support (on the 4hr chart). KC appears to want to consolidate another few days following last week’s high…
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Nasdaq100 (NQ) is consolidating after surging more than 2.5% yesterday, and is trying to complete its 4th straight weekly Hammer or Doji. NQ is arguably back in the advanced stages of a Bull Flag near the 2023 high (formed in April), where it appears to be gearing up to retest in May, the weekly chart ascending wedge resistance and the 50% Fib retrace of the bear market from the November 2021 high (as can be seen more easily on a weekly chart on tradingview.com)…
Arabica Coffee (KC) slid more than 1.5% yesterday, closing below triangle support (on the 4hr chart). KC appears to want to further consolidate next week following last week’s high….
The USDCAD is consolidating after the strong gains of the past 2 weeks, but appears to have upside momentum to gravitate to triangle resistance (on the weekly chart) by early May sometime. With the USDCAD comfortably back above the psychologically key 1.35 whole figure level, the USDCAD is arguably in the advanced stages of the weekly chart triangle which is arguably a Bull Flag consolidation (as can be seen easier on a monthly chart on tradingview.com)…
