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…
Raw Sugar (SB) is trying to halt a 3 week plus slide from its 2022 high, but remains vulnerable to deepening in its consolidation and retesting the March low sometime in May. Nevertheless, SB does not appear to be forming a Double Top-like pattern (on the weekly chart) as the April high was comfortably above the November high (on the July contract)…
CC surged more than 1% yesterday, extending a bounce off this week’s April low (only marginally below the March low). The length of the lower shadow of the current weekly candle suggests that the brief break below the psychologically key 2500 whole figure level was a fakeout…
SB is showing early signs of trying to halt its near 2 week consolidation with yesterday’s 1% plus rebound. Nevertheless, SB’s upchannel support (on the weekly chart) remains at risk of breaking next week after Wednesday’s slide below the daily chart ascending wedge support…
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…
Raw Sugar (SB) gained more than 1% yesterday, briefly breaking above the psychologically key 0.20 whole figure level. Significantly, SB is extending its rally from triangle resistance (on the daily chart), arguably completing a massive Bull Flag consolidation since September…
The Nasdaq100 (NQ) is hesitating in today’s Asia morning after yesterday’s reclaiming of the psychologically key 15k whole figure level. Significantly, with NQ once again approaching the 61.8% Fib retrace of the January to March slide, NQ will likely see further hesitation in the next day or so…
Cocoa (CC) edged higher yesterday with a daily Doji, gaining for a 4th straight day. Significantly, CC appears poised to extend its 2 week bounce within what is arguably a slight upchannel (on the weekly chart)…
Wheat (ZW) is sliding towards the low end of the roughly 3 week consolidation to start the week. Significantly, ZW appears vulnerable before month end to a test of the 50% Fib retrace of the February to March rally extension, with a moderate probability of testing the psychologically key 1000 whole figure level during the same period…
Raw Sugar (SB) consolidated yesterday for a 4th straight day within a near complete triangle (on the daily chart). Significantly, SB is bouncing off the prior downchannel resistance (on the weekly chart), from just below the 50% Fib retrace of the early March rally…
