Arabica Coffee (KC) bounced almost 1.5% yesterday off downchannel support (on the 4hr chart) and just above the psychologically key 1.75 whole figure level. Nevertheless, with what had resembled a Bearish Island Reversal (on the weekly chart) with rejection 2 weekly candles ago at downchannel resistance (on the weekly chart), KC remains at moderate risk this week of sliding further within a healthy consolidation…
Wheat (ZW) Testing Key 700 Level
Wheat (ZW) is looking wobbly to start the week, gravitating towards the psychologically key 700 whole figure level. However, with ZW also probing descending wedge support (on the weekly chart), odds are moderate and rising for a strong bounce this week…
Coffee Daily March 6, 2023
Arabica Coffee (KC) slid almost 2.5% Friday, breaking below uptrend support (on the 4hr chart) and closing near the February low and psychologically key 1.75 whole figure level. KC increasingly is setting up for a Bearish Island Reversal (on the weekly chart) after having been rejected last week at downchannel resistance (on the weekly chart)…
EOS (EOSUSD) Consolidates Near Feb High
TOP50’sTOP10 (EOSUSD, XTZUSD, ETHUSD, BTCUSD, ALGOUSD, BNBUSD, UNIUSD, DOTUSD, ATOMUSD, LTCUSD)
S&P500 (ES) Weekly Doji Tries Forming Just Below Key 4K Level
The S&P500 (ES) is consolidating after yesterday’s bounce, but remains wobbly going into next week with a weekly Doji trying to form just below the Oct-Feb uptrend support (on the weekly chart). Any weekly close below the psychologically key 4k whole figure level would reinforce the idea that the slightly higher February high versus the January and December highs was a bear trap…
Coffee Daily March 3, 2023
Arabica Coffee (KC) slid almost 1% yesterday, closing at upchannel support (on the 4hr chart) and below ascending wedge support (on the daily chart). Although KC has been rejected this week at downchannel resistance (on the weekly chart), suggesting decent odds for at least another week of consolidation, KC does not appear likely to slide back below the February low in March…
GBPAUD Weekly Gravestone Consolidates Below Key 1.8 Level
The GBPAUD is trying to halt its healthy consolidation from the February high, trying to avoid the weekly Gravestone flipping red. Any holding of yesterday’s low today should pave the way for a retest by early next week of the 61.8% Fib retrace of the February to September slide…
Coffee Daily March 2, 2023
Arabica Coffee (KC) slid almost 1.5% yesterday with its daily Gravestone closing below ascending wedge support (on the daily chart). Given the gentle slope of the ascending wedge (on the daily chart), yesterday’s break below wedge support is unlikely to trigger a slide back to the February low…
Natural Gas (NG) Tries Gaining for 6th Straight Day
Natural Gas (NG) is trying to gain for a 6th straight day, but appears ready for healthy consolidation after the strong bounce off downchannel support (on the weekly chart) and last week’s fresh February low. NG has in all likelihood formed a major low just above the psychologically key 2 whole figure level (on the April contract), but may see a pullback following Thursday’s highly anticipated weekly storage data back to downchannel resistance (on the daily chart)…
Coffee Daily March 1, 2023
Arabica Coffee (KC) edged lower yesterday with its daily Gravestone, remaining vulnerable today to breaking ascending wedge support (on the daily chart). KC appears to want to spend this week consolidating just below downchannel resistance (on the weekly chart), but is unlikely to fall much below the July low…