Cocoa (CC) rallied another near 1% yesterday, forming a 4th straight green daily candle and is suddenly back to near the November high. Significantly, although CC may consolidate today yesterday’s recapture of the 38.2% Fib retrace of the September to November slide, CC is arguably extending a major upchannel (on the weekly chart)…
Arabica Coffee (KC) soared nearly 3.5% higher yesterday, closing at the November high. Significantly, KC appears to finally be breaking out of the hesitation of the past month given the length of the current green weekly candle body in contrast to the length of the upper shadows of the prior 4 weekly candles, each rejecting below the 2021 high…
Arabica Coffee (KC) edged lower yesterday, forming a second straight daily Doji near the psychologically key 2.10 whole figure level. Significantly, despite the consolidation since Tuesday, KC remains around last week’s high and still has momentum in its bounce off upchannel support (on the weekly chart)…
The USDJPY is in the advanced stages of a 2 week plus Bull Flag consolidation (on the daily and weekly chart), firming just below the 2021 high formed in mid October. Significantly, the USDJPY is bumping into the highest levels since 2018, with the widely anticipated US Non-Farm Payrolls (NFP) on Friday potentially being a catalyst for a Bull Flag extension towards the 2017 high…
WTI Crude (CL) is down more than 1.5% today and vulnerable to testing the psychologically key 80 whole figure level these next few days. Significantly, with CL’s weekly Hammer last week rejected at a new 2021 high and ascending wedge resistance (on the weekly chart), this week’s tentative weekly Doji at wedge support could quickly turn into a longer red bodied candle on a daily close below the daily chart upchannel support…
The VIX (VX) is trying to firm after slipping last week to a fresh 2021 low. Significantly, odds are elevated for a strong bounce this week as the VX tests downchannel support (on the weekly chart)…
Gold (GC) saw some healthy profittaking yesterday but appears to be in the early stages of firming as it nears upchannel support (on the daily chart). Significantly, GC is testing triangle resistance (on the weekly chart), and appears to be gearing up for a bullish move within a massive consolidation since the August 2020 record high…
Arabica Coffee (KC) formed a daily Doji yesterday, closing at prior upchannel resistance (on the daily chart). Significantly, although KC is vulnerable to more consolidation today, KC remains within a few day’s volatility of retesting the 2021 high, with odds high for extending the weekly chart Bull Flag in the next week…
Natural Gas (NG) is looking wobbly in today’s Asia morning despite yesterday’s intraday reversal from its fresh October low. Significantly, although NG is bumping up against descending wedge resistance (on the 4hr chart) and has decent odds of seeing short covering ahead of Thursday’s highly anticipated weekly storage data, NG is likely by early next week, to close on a daily basis below uptrend support (on the daily chart)…
The Nasdaq100 (NQ) is trying to firm going into today’s European morning, but remains on pace to forming its 3rd straight red daily candle. Significantly, NQ is in the advanced stages of a Bear Flag consolidation, where odds are elevated for a retest of last week’s low sometime this week…
