Cocoa (CC) is in the advanced stages of forming a major bottom as it nears downchannel resistance (on the weekly chart). Nevertheless, after the strong bounce from the 2022 low in July, CC is due for a bit of healthy consolidation around the psychologically key 2400 whole figure level and December low…
Tag: Raw Sugar
Raw Sugar (SB) Weekly MACD Green Line Flattening
Raw Sugar (SB) has spent most of this week consolidating last week’s strong bounce as seen by the near complete weekly Doji. Odds appear decent for an extension of last week’s gains sometime next week…
USDCAD Daily MACD Trying to Positively Cross
The USDCAD is in the advanced stages of consolidating near the psychologically key 1.30 whole figure level and 2022 high. Odds are elevated that the USDCAD will sometime in July, extend its Bull market to the November 2020 high, which happens to be the 50% Fib retrace of the March 2020 to May 2021 slide (as can be seen on tradingview.com)…
WTI Crude (CL) Nearing 50% Fib Retrace of Dec-Jun Bull Market Extension
WTI Crude (CL) slid a massive near 8% yesterday, closing near the July and May lows. With yesterday’s inability to recapture prior ascending wedge support (on the weekly chart) and the subsequent fall below the psychologically key 100 whole figure level, CL appears to want to test in July, the 50% Fib retrace of the December to June bull market extension…
Corn (ZC) Retesting 38.2% Fib Retrace of May-Jul Slide
Corn (ZC) has gapped up 4% plus to start the week, and is suddenly testing the 38.2% Fib retrace of the May to July slide. With last week’s green weekly Hammer and ZC trying to reclaim downchannel support (on the daily chart), ZC appears to have halted the slide from the May peak.
Raw Sugar (SB) Testing Weekly Chart Descending Wedge Resistance
Raw Sugar (SB) is making progress in halting the correction since the May peak, closing yesterday at downchannel resistance (on the 4hr and daily chart). Any weekly close above the descending wedge resistance (on the weekly chart) will dramatically increase odds for a retest of the psychologically key 0.20 whole figure level in July sometime…
Arabica Coffee (KC) Reclaims Weekly Chart Upchannel Support
Arabica Coffee (KC) surged a massive 4% plus yesterday, closing at downchannel resistance (on the daily chart). Significantly, KC has reclaimed the weekly chart’s upchannel support and the psychologically key 2.25 whole figure level…
EURUSD Testing 38.2% Fib Retrace of Feb-May Downtrend Extension
The EURUSD is forming its 2nd straight green weekly candle, and has arguably halted its downtrend (on the weekly chart). With the EURUSD trying to bounce off uptrend support (on the 4hr chart), odds are high for a break above the 38.2% Fib retrace of the February to May downtrend extension before month end…
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…
VIX (VX) Testing 61.8% Fib Retrace of Apr-May Bounce
The VIX (VX) continues looking vulnerable to a deeper slide despite testing the 61.8% Fib retrace of the April to May bounce. Nevertheless, the VX appears poised to make a higher May low versus the April low, with decent odds of support kicking in at the May low…