Arabica Coffee (KC) formed a second straight daily Doji yesterday, edging slightly below a month long upchannel support (on the daily chart). Nevertheless, KC appears close to halting the healthy profittaking (from last week’s February high), with any further consolidation in the next day or so likely to find support at the psychologically key 1.70 whole figure level…
Natural Gas (NG) is trying to halt the deep slide since September, with odds elevated and rising for a strong bounce off downchannel support (on the weekly chart) and Friday’s fresh 2023 low following Thursday’s highly anticipated weekly storage data. With NG arguably breaking above a descending wedge resistance (on the daily chart), a break above downchannel resistance (on the 4hr chart) post-storage is likely…
Arabica Coffee (KC) edged higher yesterday with its daily Doji closing just above a month long upchannel support (on the daily chart). KC appears close to halting the healthy profittaking (from last week’s February high), with any further consolidation in the next day or so likely to find support at the psychologically key 1.70 whole figure level…
The S&P500 (ES) is trying to firm, but remains vulnerable this week to a deepening in the consolidation that began Friday. Although the February high formed Thursday has been slightly higher than the January and December highs, a slide back (this week) below the psychologically key 4k whole figure level and the uptrend support (on the weekly chart) connecting the October and December lows would keep alive the possibility (albeit moderately unlikely for now) that the break above the weekly chart downchannel resistance was a Bear Trap…
Arabica Coffee (KC) bounced more than 1.5% yesterday, and appears close to halting the healthy profittaking (from last week’s February high) after bouncing off upchannel support (on the 4hr and daily chart). Any further consolidation in the next day or so will likely find support at the psychologically key 1.70 whole figure level…
Wheat (ZW) is firming to start the week, consolidating last week’s break above downtrend/descending wedge resistance (on the weekly chart). Odds are rising that ZW’s slide beneath the 61.8% Fib retrace (at ~758) of the September 2016 to March 2022 bull market (as can be seen on a monthly chart on tradingview.com), was an overshoot…
Arabica Coffee (KC) slid almost 3% Friday, and remains vulnerable to more healthy profittaking early week below upchannel support (on the 4hr and daily chart). Initial support can be expected at the psychologically key 1.70 whole figure level…
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The VIX (VX) is trying to halt the slide from October by rebounding off yesterday’s fresh 2023 low. Before bulls get excited, the VX will need a daily close above downchannel resistance (on the daily chart)…
Arabica Coffee (KC) edged up more than 1% yesterday, but remains vulnerable to more healthy profittaking by early next week to upchannel support (on the 4hr and daily chart). Regardless of there having only been one red daily candle in the last 15 days, odds are fairly elevated for the current consolidation to find support at the psychologically key 1.70 whole figure level…
