Corn (ZC) surged more than 2.5% Friday (on the July contract), closing the week near the May high. With ZC once again at the highest level since February, it is arguably in the early stages of forming a major bottom (as can be seen more easily on a monthly chart on tradingview.com)…
Raw sugar (SB) slid more than 1.5% yesterday, hesitating on the rebound off the April/2024 low, descending wedge support (on the weekly chart) and the lowest level since January 2023. Any weekly close above the psychologically key 20 whole figure level would dramatically increase the odds of testing the 38.2% Fib retrace of the April 2020 to March 2023 bull market top (as can be seen on a monthly continuous chart on tradingview.com) in the week after (as part of a month long or so Bear Flag consolidation)…
New York Cocoa (CC) edged higher yesterday (on the July contract) closing around the 38.2% Fib retrace of the January to April bull market extension. Any reclaiming of the psychologically key 9k whole figure level by next week sometime will further neutralize the slide from the April record high, but for now, CC remains more vulnerable to a retesting of last week’s low sometime in May…
Arabica Coffee (KC) gained more than 1% yesterday and is trying to close the week above the psychologically key 2 whole figure level. With the near complete weekly Hammer having reclaimed the 50% Fib retrace of the October to April bull market extension from just above the weekly chart upchannel support, the slide from the April/2024/August 2022 high may be in the early stages of halting…
Raw sugar (SB) formed a daily Doji yesterday, hesitating on the rebound off the April/2024 low, descending wedge support (on the weekly chart) and the lowest level since January 2023. Any weekly close though above the psychologically key 20 whole figure level would dramatically increase the odds of testing the 38.2% Fib retrace of the April 2020 to March 2023 bull market top (as can be seen on a monthly continuous chart on tradingview.com) in the week after (as part of a month long or so Bear Flag consolidation)…
New York Cocoa (CC) edged higher yesterday (on the July contract) closing around the 38.2% Fib retrace of the January to April bull market extension. Any reclaiming of the psychologically key 9k whole figure level will further neutralize the slide from the April record high, but for now, CC remains more vulnerable to a retesting of last week’s low sometime in May…
Arabica Coffee (KC) edged higher for a 2nd straight day yesterday, with the weekly Hammer forming having reclaimed the 50% Fib retrace of the October to April bull market extension. Any weekly close above the psychologically key 2 whole figure level will suggest a refusal to extend the slide from the April/2024/August 2022 high to the weekly chart upchannel support…
Raw sugar (SB) gained more than 2% yesterday, with the rebound off the April/2024 low and the lowest level since January 2023 gaining momentum. With this week’s bounce off descending wedge support (on the weekly chart), a weekly close above the psychologically key 20 whole figure level is all but certain…
New York Cocoa (CC) rebounded a massive 13% plus yesterday (on the July contract) from just below the 50% Fib retrace of the January to April bull market extension. Any reclaiming of the psychologically key 9k whole figure level will further neutralize the slide from the April record high, but for now, CC remains more vulnerable to a retesting of last week’s low sometime in May…
Arabica Coffee (KC) formed its first green daily candle in 4 days yesterday (on the July contract), showing early signs of halting the slide from the 2024 high in April. Yesterday’s close back above the 50% Fib retrace of the October to April bull market extension suggests decent odds for a reclaiming of the psychologically key 2 whole figure level by the weekend…
