WTI Crude (CL) tacked on another near 3% yesterday, adding onto Monday’s massive bounce off downtrend support (on the daily chart). Significantly, although CL appears to have reclaimed upchannel support (on the weekly chart), CL remains vulnerable to sliding back towards last week’s low on the back of Friday’s highly anticipated Fed comments out of Jackson Hole…
Wheat (ZW) is gaining for a 5th straight day, retesting the 2021 high formed in July. Significantly, although the upside in the next few days appears to be limited to uptrend resistance (on the 4hr chart) and ascending wedge resistance (on the daily chart), there is a moderately high probability that ZW will gravitate to the psychologically key 800 whole figure level by the weekend…
Arabica Coffee (KC) gained almost 1.5% yesterday, posting its 4th straight green daily candle and making progress in the week plus effort to halt the slide from the July peak (and highest level since October 2014). Significantly, KC has rebounded off the 38.2% Fib retrace of the November to July rally extension, and has a moderate likelihood of retesting the 2021 high before month end…
WTI Crude (CL) bounced more than 2.5% yesterday, recovering all of Monday’s sharp losses. Significantly, although CL is trying to reclaim the the weekly chart upchannel support after briefly breaking below it Monday, CL remains precarious going into today’s 830am EST release of the US CPI, and the highly anticipated weekly inventory data release at 1030am EST…
WTI Crude (CL) slid nearly 1% yesterday, and looks vulnerable going into today’s European morning just above the psychologically key 70 whole figure level. Significantly, CL is retesting the the weekly chart ascending wedge support, and appears increasingly likely to form a lower August high versus the July high…
The VIX (VX) is consolidating going into today’s European morning, and appears poised to nudge higher ahead of Friday’s highly anticipated US Non-Farm Payrolls (NFP). Significantly, the VX has held above the psychologically key 20 whole figure level much of the past month, with moderately high odds for a test by early next week, of downchannel resistance (on the weekly chart) as hinted by July’s brief break above it…
Gold (GC) is firming going into today’s European morning, continuing yesterday’s early attempt to halt a slide since mid July. Significantly, GC has been consolidating for almost a month around the psychologically key 1800 whole figure level, and is nearing the completion of a triangle (on the weekly chart), with the gap between triangle support and resistance down to roughly 100 points…
The USDCAD is trying to stabilize after 2 days of healthy profittaking, hovering just above triangle support (on the 4hr chart) and uptrend support (on the daily chart). Significantly, the USDCAD’s consolidation as seen by this week’s weekly Gravestone should be coming to completion soon with the USDCAD having drifted back to near the weekly chart downchannel resistance and the psychologically key 1.25 whole figure level…
WTI Crude (CL) is rebounding nearly 4% in today’s US morning, and is quickly nearing the psychologically key 70 whole figure level. Significantly, although CL appears to have a bit more upside before it bumps up against downchannel resistance (on the 4hr chart), CL is arguably already bumping up against the daily chart downchannel resistance, with bears eyeing the Monday break below ascending wedge support (on the weekly chart)…
The USDCAD is breaking above triangle resistance (on the 4hr chart), and suddenly just shy of retesting the July high. Significantly, the USDCAD has completed the weekly chart Bull Flag consolidation (of the 3 weeks plus), and is retesting the downchannel resistance (on the weekly chart)…
