Cocoa (CC) Consolidates After Forming New 2021 High

Cocoa (CC) slid more than 1.5% yesterday, getting rejected at upchannel/ascending wedge resistance (on the 4hr chart) and upchannel resistance (on the daily chart). Significantly, CC is seeing healthy profittaking after forming a fresh 2021 high Wednesday, consolidating as well the break last week above a downchannel resistance (on the weekly chart connecting the November, March and May highs)…

Cotton (CT) Consolidating Near Weekly Chart Ascending Triangle Resistance

Cotton (CT) is near complete in its 4th straight week of consolidation just below ascending triangle resistance (on the weekly chart). Significantly, although CT appears poised to continue a bull market after breaking in June above a 3 plus month symmetrical triangle resistance (on the weekly chart), the gains since April 2020 have been massive, and may require a deeper consolidation before any further bull market extension…