Wheat (ZW) gained more than 1% Friday with a 3rd straight up day, attempting to hold the 2023 low. Although last week’s weekly Hammer bounced from just above the October and September low, odds remain moderate for a slide back to downchannel support (on the weekly chart) following Wednesday’s highly anticipated WASDE…
Natural Gas (NG) surged more than 5% Friday, adding to the strong gains Thursday off just above the 2023 low. NG has now completed a major bottoming effort since May (as can be seen easier on a monthly chart on tradingview.com), but likely has a bit more upside this week before it bumps against the psychologically key 3.5 whole figure level and the August high…
WTI Crude (CL) surged more than 2% Friday, closing the week at a fresh 2023 high above the psychologically key 85 whole figure level. CL has made a higher September high versus the August high, breaking above the major bottoming range that has held since December 2022 (as seen easier by the August monthly Doji on a monthly chart on tradingview.com)…
The GBPAUD surged over 150 pips Friday from the day’s low to high, closing near the 2023 high formed Tuesday. With the GBPAUD bumping up against ascending wedge resistance (on the weekly chart), it is likely to consolidate for at least this week before attempting the key 2 whole figure level…
WTI Crude (CL) consolidated Friday with a daily Hammer closing around the June high and just shy of the July high. With last week’s weekly Doji testing the psychologically key 75 whole figure level, odds are elevated for a retest before month end of the July high with a catalyst coming as early as Wednesday’s highly anticipated weekly US crude inventory…
Soybean (ZS) bounced a massive 6% plus Friday (on the November contract) to close the month near its high. ZS suddenly looks poised to attempt the beginning of Q3 this week with a retest of the June high…
The GBPAUD surged well over 250 pips Friday from its day’s low to high, closing comfortably above the psychologically key 1.90 whole figure level. Odds are elevated for healthy consolidation to kick in by early week once the GBPAUD regains its 2023 high formed early June…
Natural Gas (NG) surged Friday another near 4%, closing at a fresh June high. With NG having last week rallied strongly off the 2023 low (formed the week prior) and the weekly chart support, NG is once again trying to form a major bottom (as can be seen on a monthly chart on tradingview.com)…
Natural Gas (NG) is trying to firm after sliding from the May high back to just above the May and 2023 low and downchannel support (on the weekly chart). Although NG remains vulnerable to closing May at a fresh monthly low, NG did form a higher May high versus the April high…
Corn (ZC) gained for a 5th straight day Friday going into the US Memorial Day long weekend holiday, closing just shy of Friday’s fresh May high. The sharp reversal from the 2023 low formed 2 weeks ago at just below the 2022 low (formed in July) and the 50% Fib retrace of April 2020 to April 2022 bull market (as can be seen more easily on a monthly chart on tradingview.com), suggests more upside in June…
