Arabica Coffee (KC) edged up almost 2% Friday, closing near the December high. With KC testing weekly chart descending wedge resistance, a higher December low versus the November low is increasingly and rather likely, which if successful and reinforced by a higher December high versus the November high, would dramatically increase odds that a major bottom has been made within the consolidation since February…
Nasdaq100 (NQ)’s Dead Cat Bounce (off the October low) is all but over as seen by the sharp reversal from the December high to near the 2022 low. NQ appears less likely to bounce back before year end to descending wedge resistance (on the weekly chart) than it is to break in the same period to a fresh 2022 low…
Arabica Coffee (KC) formed a 2nd straight daily Hammer yesterday, consolidating just below descending wedge/triangle resistance (on the daily chart). With KC testing another weekly chart descending wedge resistance line, a higher December low versus the November low is increasingly and rather likely, which if successful and reinforced by a higher December high versus the November high, would dramatically increase odds that a major bottom has been made within the consolidation since February…
The AUDUSD is edging higher as its near month long consolidation around downchannel resistance (on the weekly chart) approaches completion. The AUDUSD has all but made a major bottom in October, halting a slide since early 2021 (as can be seen easier on a monthly chart on tradingview.com)…
Arabica Coffee (KC) edged almost 1% higher yesterday, closing near descending wedge/triangle resistance (on the daily chart). With KC testing another weekly chart descending wedge resistance line, a higher December low versus the November low is increasingly and rather likely, which if successful and reinforced by a higher December high versus the November high, would dramatically increase odds that a major bottom has been made within the consolidation since February…
Silver (SI) is consolidating yesterday’s massive 4.5% plus surge near a fresh December high. Although any gains going into Xmas are likely to be modest, SI appears poised to continue extending the upchannel (on the daily chart) and Bull Flag (on the weekly chart) next week…
Arabica Coffee (KC) formed a daily Doji yesterday, trying to halt Friday’s slide just below descending wedge/triangle resistance (on the daily chart). Nevertheless, KC managed to close slightly above a weekly chart descending wedge resistance line, keeping a higher December low versus the November low in play, which if successful and reinforced by a higher December high versus the November high, would dramatically increase odds that a major bottom has been made within the consolidation since February…
Nasdaq100 (NQ)’s Dead Cat Bounce (off the October low) is all but over as seen by the sharp reversal from last Tuesday’s fresh December high. Nevertheless, any holding of the November low before Xmas will put a retest of descending wedge resistance (on the weekly chart) by early January into play…
Arabica Coffee (KC) formed a daily Doji yesterday, trying to halt Friday’s slide just below descending wedge/triangle resistance (on the daily chart). Nevertheless, KC managed to close slightly above a weekly chart descending wedge resistance line, keeping a higher December low versus the November low in play, which if successful and reinforced by a higher December high versus the November high, would dramatically increase odds that a major bottom has been made within the consolidation since February…
Wheat (ZW) has been consolidating for 2 weeks near the 61.8% Fib retrace of the September 2016 to March 2022 bull market (as can be seen on a monthly chart on tradingview.com), but remains moderately vulnerable to sliding back to the 2022 low before year end. ZW will need a weekly close above the psychologically key 800 whole figure level and to break above descending wedge resistance (on the weekly chart) to neutralize the still somewhat bearish longer term momentum…
