Cotton (CT) Suffers Biggest Weekly Loss Since 2011

Cotton (CT) is trying to form its 5th straight red daily candle as part of the biggest weekly drop since at least June 2011. Although odds are decent that the break below the psychologically key 1 whole figure level is an overshoot and false break, CT appears to still be weighed by a gravitational pull towards the 61.8% Fib retrace of the April 2020 to May 2022 bull market (as can be seen on tradingview.com)…

Arabica Coffee (KC) Bull Flag Consolidation Since Mid Feb Completing

Arabica Coffee (KC) formed a daily Doji yesterday, hesitating in its strong 3 week plus rally as it tests upchannel resistance (on the 4hr chart). Significantly, KC’s upchannel extension (on the weekly chart) remains above the April high, but is likely to continue consolidating going into early next week before the rally can extend from the current 61.8% Fib retrace of the slide from the February high to the May low…

WTI Crude (CL ) Weekly Chart Bull Flag Trying to Extend

WTI Crude (CL) is in the advanced stages of a weekly chart Bull Flag consolidation, where the Bull Flag is arguably extending. Nevertheless, with CL nearing completion on an ascending wedge (on the 4hr chart) and bumping up against upchannel resistance (on the daily chart), odds are moderately high for a retest of the psychologically key 110 whole figure level following today’s highly anticipated 1030am EST weekly inventory data…