Natural Gas (NG) is consolidating after yesterday’s massive 6% plus gains, hesitating after bumping up against the psychologically key 7 whole figure level. For now, NG’s lower December low versus the October and July lows (on the January contract) appears to have merely been a part of a broad descending wedge (on the weekly chart) that is arguably a Bull Flag consolidation…
Corn (ZC) is trying to firm to start the week, but remains vulnerable to sliding in the next day or so to the 38.2% Fib retrace of the May to July slide. Odds are now moderately high for ZC to retest ahead of the Xmas lull, the psychologically key 600 whole figure level…
Cocoa (CC) rallied nearly 1% yesterday, closing above the psychologically key 2500 whole figure level. With CC back above the 50% Fib retrace of the February to September slide, CC appears to be nearing completion on the 2 week plus Bull Flag consolidation…
Gold (GC) is in the advanced stages of a 2 week plus Bull Flag consolidation, with the triangle (on the 4hr chart) about to complete. GC appears to be gearing up for a test ahead in the next week or so of the psychologically key 1800 whole figure level and the 38.2% Fib retrace of the March to October slide…
Soybean (ZS) is looking wobbly to start the week, appearing vulnerable to sliding in the next few days towards the 38.2% Fib retrace of the slide from the June high to the July low. Odds are elevated for a retest of the psychologically key 1400 whole figure level this week, and for a slide back to triangle support (on the weekly chart) before the Xmas lull sets in…
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Cocoa (CC)’s healthy profittaking this week should be slowing going into next week, with CC now testing the 38.2% Fib retrace of the massive bounce off the September low. CC is also back to prior downchannel resistance (on the weekly chart), but may briefly fall below the psychologically key 2400 whole figure level and October high…
The GBPAUD appears to be in the advanced stages of consolidating near downchannel resistance (on the weekly chart). Any break above triangle resistance (on the 4hr chart) today will dramatically increase odds in the few days after of reclaiming the 61.8% Fib retrace of the February to September slide followed by the psychologically key 1.80 whole figure level…
Raw Sugar (SB) edged higher yesterday, gaining for the 9th straight day and closing above the 61.8% Fib retrace of the April to September slide. SB is now comfortably above the October high, downchannel resistance (on the weekly chart) and the psychologically key 0.19 whole figure level…
Soybean (ZS) is forming a daily and weekly Doji to start the week, hesitating after last week’s strong surge to triangle resistance (on the weekly chart). With ZS having reversed more than half of the sharp slide from the June high to the July low, odds are better for a retest of the 2022 high going into year end, than it is for a slide back to the July low during the same period, with the July low coinciding with the 50% Fib retrace of the May 2019 to June 2022 bull market (as can be seen on tradingview.com)…
