Raw Sugar (SB) formed a second straight daily Hammer yesterday, and appears poised to test downchannel resistance (on the weekly chart) by next week sometime. Yesterday’s close just shy of the 38.2% Fib retrace of the April to September slide dramatically increases the odds of SB breaking above the October high and the psychologically key 0.19 whole figure level by mid November…
Tag: Raw Sugar
GBPAUD Retests Key 1.80 Level
The GBPAUD is consolidating just above what is arguably downchannel resistance (on the weekly chart), forming a 3rd straight daily Doji/Hammer near the psychologically key 1.80 whole figure level. Although the GBPAUD remains slightly above the 61.8% Fib retrace of the February to September slide, after the powerful bounce off the September low, a healthy pullback to the 50% Fib sometime in November is moderately likely…
Cocoa (CC) Consolidating Near Weekly Chart Downtrend Resistance
Cocoa (CC) bounced almost 1% yesterday, closing just below descending wedge resistance (on the weekly chart). A weekly close above the 38.2% Fib retrace of the February to September slide is moderately likely by month end, and would dramatically increase the likelihood of a retest in the week after, of the 50% Fib retrace of the February to September slide, coinciding with the psychologically key 2500 whole figure level…
GBPAUD Consolidating Just Below Key 1.80 Level
The GBPAUD is consolidating around what is arguably downchannel resistance (on the weekly chart), taking a breather after breaking Monday above the psychologically key 1.80 whole figure level. Although today’s sliding below an uptrend support (on the daily chart) increases odds for the healthy pullback to deepen, a break below the 50% Fib retrace of the February to September slide before month end does not appear likely…
Cocoa (CC) Weekly Hammer Breaks Downtrend Resistance
Cocoa (CC) bounced a massive near 3% yesterday, closing just shy of the week’s high. CC appears poised to close the week with a weekly Hammer above descending wedge resistance (on the weekly chart)…
Silver (SI) Daily MACD Tries Negatively Crossing
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Wheat (ZW) Consolidating Near Key 900 Level Ahead of WASDE
Wheat (ZW) has gapped up almost 2% to start the week, and is trying to extend the upchannel (on the daily chart). ZW is more likely though to first continue last week’s consolidation going into the highly anticipated WASDE on Oct 12…
Raw Sugar (SB) Weekly MACD Trying to Positively Cross
Raw Sugar (SB) gained almost 3% yesterday, adding to Tuesday’s bounce off just above the 2022 low and closing near the August high. Any weekly close above downtrend/descending wedge resistance (on the weekly chart) dramatically increases the likelihood for SB to complete by year end, the major consolidation since last October (as seen more easily on a monthly chart on tradingview.com)…
Cocoa (CC) Bounces Off Weekly Chart Downtrend Support
Cocoa (CC) gained for a 4th straight day yesterday, closing back above the psychologically key 2300 whole figure level. Any daily close above the daily chart downchannel resistance will dramatically increase the likelihood of breaking downtrend resistance (on the weekly chart) in the few days after…
Arabica Coffee (KC) Reclaims 38.2% Fib Retrace of Jul-Aug Rally
Arabica Coffee (KC) rebounded more than 1% yesterday, closing near triangle resistance (on the daily chart). With KC back above the 38.2% Fib retrace of the July to August rally, it has all but halted its slide from downchannel resistance (on the weekly chart)…