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) Weekly MACD Trying to Positively Cross

Arabica Coffee (KC) bounced more than 1% yesterday, and suddenly appears to be in the advanced stages of consolidating near upchannel resistance (on the 4hr chart). Any weekly close above the 61.8% Fib retrace of the slide from the February high to the May low will likely coincide with a retest of the June high, and dramatically increase odds of resuming the upchannel (on the weekly chart) in the week after…

Cotton (CT) Nearing Weekly Chart Ascending Wedge Support

Cotton (CT) is looking vulnerable to a daily close below upchannel support (on the daily chart), which after last week’s weekly Gravestone reversal from a 2022 high could create a Bearish Island Reversal (on the weekly chart). CT is also forming a monthly Gravestone (which can be seen on tradingview.com) with the 2022 high (earlier this month) having formed near the 61.8% Fib retrace of the slide from the record high (in 2011) to the 2020 bottom…