Natural Gas (NG) is consolidating after forming a fresh 2022 high yesterday, and appears likely to hesitate further ahead of Thursday’s highly anticipated weekly storage data. Regardless of NG nearing completion on an ascending wedge (on the 4hr chart), odds are elevated for a test of the psychologically key 10 whole figure level in June…
Tag: GBPAUD
VIX (VX) Weekly Hammer Trying to Form Near Key 30 Level
The VIX (VX) is forming a weekly Doji/Hammer after last week’s weekly Doji, suggesting an unwillingness for the VX to dip much below the 61.8% Fib retrace of the April to May bounce. The VX is all but certain to form a substantially higher May low versus the April low, reinforcing the higher May high versus the April high…
Raw Sugar (SB) Weekly Doji Near 2022 High
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…
Wheat (ZW) Weekly Chart Bull Flag Extends on WASDE
Wheat (ZW)’s massive 5% or so gap up to start the week has further extended the Bull Flag (on the weekly chart), with ZW nearing the 2022 high. Nevertheless, with a Doji forming on the 4hr, daily and weekly chart, ZW is unlikely to have much further upside this week…
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…
GBPAUD Weekly MACD Trying to Positively Cross
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Nasdaq100 (NQ) Tries Halting Bear Extension From Early April
The Nasdaq100 (NQ) is attempting to bounce off downchannel support (on the daily and weekly chart) after forming a fresh 2022 low in today’s Asia morning. Any clawing back above the psychologically key 13k whole figure level this week will likely halt the slide since early April for at least the next few weeks after…
Wheat (ZW) Nearing Key 1000 level
Wheat (ZW)’s Bull Flag consolidation (or daily chart triangle) since early March is once again deepening, with ZW nearing the April low. Nevertheless, any strong bounce off downchannel support (on the 4hr chart) will likely coincide with a break above the daily chart triangle resistance…
USDCAD Weekly MACD Positively Crossing
The USDCAD is trying to complete a 5th straight green weekly candle, and appears to want to test the 2022 high and psychologically key 1.30 whole figure level by early May. A monthly close above 1.30 would signal the completion of a major bottoming effort since June 2021 (seen more easily on a monthly chart at tradingview.com)…
Raw Sugar Weekly Doji Near Key .20 Level
SB spent the past week consolidating the Bull Flag extension from the prior week, closing the Good Friday holiday-shortened week around the psychologically key 0.20 whole figure level. Odds are moderately high for a test of the 2017 high before month end…