Corn (ZC) is consolidating to start the week, but appears poised to test the November high in the next few days. Significantly, ZC has reclaimed the 50% Fib retrace of the May to September slide, and is well positioned to extend what could be described as a Bull Flag after breaking triangle resistance (on the weekly chart) 2 weeks ago…
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…
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)…
Natural Gas (NG) is looking wobbly in today’s Asia morning after yesterday’s sharp intraday reversal from its fresh 2021 high. Significantly, although NG is moderately likely to reclaim the psychologically key 6 whole figure level in the day following Thursday’s highly anticipated weekly storage data, bulls should not rule out a sharper consolidation back towards last week’s low by early next week…
WTI Crude (CL) is looking fatigued after giving up the psychologically key 70 whole figure level late last week. Significantly, although CL reclaimed upchannel support (on the weekly chart) briefly last week, it is arguably back below it now, and increasingly at risk to form a lower September high versus the August high…
WTI Crude (CL) is pushing higher today, trying to bounce off ascending wedge support (on the 4hr chart). Significantly, although CL may reclaim the psychologically key 70 whole figure level today following the data/news releases of US ISM Manufacturing PMI at 10am EST, weekly crude inventory at 1030am EST or highly anticipated OPEC meeting at 11am EST, odds are roughly the same for CL to slide back below upchannel support (on the weekly chart)…
WTI Crude (CL) tacked on another near 3% yesterday, adding onto Monday’s massive bounce off downtrend support (on the daily chart). Significantly, although CL appears to have reclaimed upchannel support (on the weekly chart), CL remains vulnerable to sliding back towards last week’s low on the back of Friday’s highly anticipated Fed comments out of Jackson Hole…
Wheat (ZW) is gaining for a 5th straight day, retesting the 2021 high formed in July. Significantly, although the upside in the next few days appears to be limited to uptrend resistance (on the 4hr chart) and ascending wedge resistance (on the daily chart), there is a moderately high probability that ZW will gravitate to the psychologically key 800 whole figure level by the weekend…
Arabica Coffee (KC) gained almost 1.5% yesterday, posting its 4th straight green daily candle and making progress in the week plus effort to halt the slide from the July peak (and highest level since October 2014). Significantly, KC has rebounded off the 38.2% Fib retrace of the November to July rally extension, and has a moderate likelihood of retesting the 2021 high before month end…
WTI Crude (CL) bounced more than 2.5% yesterday, recovering all of Monday’s sharp losses. Significantly, although CL is trying to reclaim the the weekly chart upchannel support after briefly breaking below it Monday, CL remains precarious going into today’s 830am EST release of the US CPI, and the highly anticipated weekly inventory data release at 1030am EST…
