Natural Gas (NG) continues consolidating after the strong profittaking from the psychologically key 3 whole figure level briefly reached Friday. Although NG has unwound most of last week’s gains, it has made progress in its major bottoming near downchannel support (on the weekly chart)…
Arabica Coffee (KC) gained another more than 1% yesterday, briefly breaking downchannel resistance (on the 4hr chart). KC’s consolidation from the February high appears to be in the advanced stages with KC unable Monday to fall back to the psychologically key 1.75 whole figure level…
Nasdaq100 (NQ) is consolidating Friday’s bounce, hesitating as seen by the weekly Doji forming just above the psychologically key 12k whole figure level. Any break above the 4hr chart downchannel resistance this week will likely coincide with a retest of triangle resistance (on the daily chart)…
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) 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…
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)…
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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…
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…
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…
