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…
Raw Sugar (SB) is in the advanced stages of a Bull Flag consolidation (since August/September). With SB having bounced yesterday off prior downchannel resistance (on the 4hr chart), odds are elevated for a weekly close back above the psychologically key 0.20 whole figure level…
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…
Raw Sugar (SB) is trying to halt a 3 week plus slide from its 2022 high, but remains vulnerable to deepening in its consolidation and retesting the March low sometime in May. Nevertheless, SB does not appear to be forming a Double Top-like pattern (on the weekly chart) as the April high was comfortably above the November high (on the July contract)…
Cotton (CT) is firming in today’s Asia morning, trying to bounce for a second straight day off downchannel support (on the 4hr chart). Significantly, regardless of any short covering going into next week, CT has been rejected at upchannel resistance (on the weekly chart) and the psychologically key 1.25 whole figure level…
Cotton (CT) is firming going into today’s European morning, with CT trying to extend the upchannel (on the 4hr chart). Significantly, the break in ascending wedge support (on the daily chart) appears only mildly bearish going into next week, as the bigger picture is of CT retesting the 2021 high (in November)…
Cocoa (CC) slid almost 1% yesterday, but reversed much of the day’s early losses by its close. Significantly, any weekly close above upchannel support (on the weekly chart) will dramatically increase the odds of testing the psychologically key 2500 whole figure level and the 38.2% Fib Retrace of the October to December slide in the week after…
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)…
Cotton (CT) is seeing some healthy profittaking today after yesterday’s near 3% surge. Significantly, CT appears to be on the verge of completing a 2 week plus Bull Flag consolidation (as seen on the daily and weekly chart), with CT arguably breaking above triangle resistance (on the daily chart)…
Cocoa (CC) consolidated a 2nd straight day yesterday after forming a fresh 2021 high Tuesday. Significantly, CC has been extending its Bull Flag (on the weekly chart) from near the psychologically key 2600 whole figure level and prior downchannel resistance (on the weekly chart), with bulls increasingly eyeing the 2020 high formed in February by year end…
