Raw sugar (SB) slid more than 1.5% yesterday, closing the month just above the April/2024 low and the lowest level since January 2023. With SB still comfortably below the upchannel support connecting the lows of 2020 and 2023 (as can be seen on a monthly continuous chart on tradingview.com), odds are elevated for a test of the 50% Fib retrace of the April 2020 to March 2023 bull market top by May sometime…
New York Cocoa (CC) rebounded nearly 4% yesterday (on the July contract), but remains vulnerable to resuming the reversal from the April/2024/record high by early next week. Any further short covering ahead of the weekend is unlikely to regain the psychologically key 10k whole figure level and the daily chart upchannel support…
Arabica Coffee (KC) slid a massive 6% plus yesterday (on the July contract), and appears now to want to deepen its healthy profittaking from the April/2024/August 2022 high. With yesterday’s daily close comfortably below upchannel support (on the daily chart), bulls should not rule out a retest of the psychologically key 2 whole figure level by the weekend…
New York Cocoa (CC) slid a massive near 15% yesterday (on the July contract), furthering the reversal from the April/2024/record high. Odds are elevated for deeper healthy profittaking the balance of this week with yesterday’s daily close below the psychologically key 10k whole figure level and the daily chart upchannel support…
Raw sugar (SB) rebounded more than 3% yesterday from the April/2024 low and the lowest level since January 2023. With SB still comfortably below the upchannel support connecting the lows of 2020 and 2023 (as can be seen on a monthly continuous chart on tradingview.com), odds are elevated for a test of the 50% Fib retrace of the April 2020 to March 2023 bull market top by May sometime…
Arabica Coffee (KC) bounced more than 1.5% yesterday (on the July contract), and appears to be in the late stages of a week plus healthy profittaking from the April/2024/August 2022 high. Although increasingly unlikely, any break this week below upchannel support (on the daily chart) will defer any retest of the April/2024 high by a week or so…
Raw sugar (SB) closed last week with a daily Gravestone around the April /2024 low and the lowest level since January 2023. With SB comfortably below the upchannel support connecting the lows of 2020 and 2023 (as can be seen on a monthly continuous chart on tradingview.com), odds are elevated for a test of the 50% Fib retrace of the April 2020 to March 2023 bull market top by May sometime…
New York Cocoa (CC) slid nearly 1% Friday (on the July contract), tiring just below the April/2024/record high. Odds are elevated for further healthy consolidation this week as hinted by last week’s 1st red weekly candle in 7 weeks…
Arabica Coffee (KC) edged more than 1% lower Friday (on the July contract), and appears to want to extend its week plus healthy profittaking this week from the April/2024 high (around the August 2022 high). Although bullish momentum and a recapture of the February 2022 high (as seen easier on a monthly chart at tradingview.com) by May sometime is fairly likely, any break this week below upchannel support (on the daily chart) will defer any retest of the April/2024 high by a week or so…
Wheat (ZW) edged higher for a 6th straight green daily candle Friday. Following last week’s massive gains from just above descending wedge resistance (on the weekly chart), ZW is likely to retest the 2024 high by May sometime…
