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) 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)…
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…
The VIX (VX) slid almost 4% yesterday after bumping against downchannel/ descending wedge resistance (on the weekly chart), but remains poised for another test this week of this key bull/bear battleground. Any reclaiming of last week’s high will dramatically increase odds of testing the psychologically key 25 whole figure level and January high in the week after…
Arabica Coffee (KC) edged lower yesterday with its daily Doji, 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…
Corn (ZC) is trying to firm to start the week but remains vulnerable to more downside this week after breaking last Thursday below triangle support (on the weekly chart). Odds are roughly equal for ZC to bounce off downtrend support (on the 4hr chart) before month end as it is for a slide to a fresh 2023 low in the same period…
Arabica Coffee (KC) slid more than 1% Friday on more healthy profittaking, and appears vulnerable to breaking ascending wedge support (on the daily chart) by mid week. With last week’s weekly Doji just below downchannel resistance (on the weekly chart), further consolidation this week near the July low is likely…
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The S&P500 (ES) is trying to firm going into the weekend, but remains wobbly for next week as it has arguably slid back into the downchannel (on the weekly chart). Odds are low for a fresh February high before month end, with ES more likely to slide to a new February low in the same period…
Arabica Coffee (KC) slid almost 2% yesterday on healthy profittaking after bumping up against ascending wedge resistance (on the 4hr chart) and what may become downchannel resistance (on the weekly chart). With KC sliding back into the ascending wedge (on the daily chart), odds are decent for a test of wedge support early next week, with a postponing of any test of the psychologically key 2 whole figure level to around mid March…
