Coffee Daily March 23, 2023

Arabica Coffee (KC) edged more than 1% lower yesterday, continuing a consolidation near the 4hr chart downchannel resistance. With the current weekly candle remaining green for now and having on Tuesday tested last week’s high, odds remain decent for a retest of downchannel resistance (on the weekly chart) ahead of the weekend…

Coffee Daily March 22, 2023

Arabica Coffee (KC) rebounded more than 1% yesterday off triangle support (on the daily chart), closing back above the 4hr chart downchannel resistance. With the growing body of the current green weekly candle having reclaimed the psychologically key 175 whole figure level and edging above last week’s weekly candle body range, KC appears to have halted the downside in the consolidation since the February high…

Coffee Daily March 21, 2023

Arabica Coffee (KC) rebounded more than 1% yesterday off triangle support (on the daily chart), closing back above the 4hr chart downchannel resistance. With the growing body of the current green weekly candle having reclaimed the psychologically key 175 whole figure level and edging above last week’s weekly candle body range, KC appears to have halted the downside in the consolidation since the February high…

Wheat (ZW) Weekly Chart Descending Wedge Near Complete

Wheat (ZW) is consolidating near the psychologically key 700 whole figure level after bouncing off the 2023 low (formed a bit more than a week ago). Odds are moderate for a break of descending wedge resistance (on the weekly chart) before month end, which if successful, would neutralize the bear trend since the May high and dramatically increase the likelihood of ZW retesting the February high in the week after…

VIX (VX) Tries Firming Just Below Key 25 Level

The VIX (VX) has seen strong profittaking from Wednesday’s fresh 2023 peak, but should be finding support soon as it drifts back towards this week’s low, just above where the VX had broke above the weekly chart descending wedge resistance. Any weekly close above the psychologically key 25 whole figure level would dramatically increase odds for a retest of this week’s high in the few days after…