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…
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) 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…
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…
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…
