NY 2nd Month Sugar Futures
NY sugar opened higher yesterday, testing the 10 DMA before resistance at 19.00 pushed futures lower to close at 18.61. The technical indicators point to easing selling pressure, with %K/%D diverging on the upside out of oversold territory and the MACD diff also converging higher. To maintain this momentum, prices need to close above the 10 DMA at 18.69 and then breach 19.00. On the downside, another rejection above these levels could trigger losses below the 40 DMA at 18.17 before bringing 18.00 into play. Buying pressure has struggled to overcome the 10 DMA in recent sessions, while yesterday’s inside candle points to limited appetite above near-term resistance. A sustained move above this level would support a modest recovery in the near term.
Ldn 2nd Month Sugar Futures
Ldn sugar futures opened higher yesterday, but resistance at the 10 DMA pushed prices lower to close at 520.20. The stochastics are rising, with %K/%D converging on the upside and moving higher through neutral territory, while the MACD diff is negative but converging. A break above the 10 DMA at 521.48 could trigger gains towards 530. On the downside, a move below the 40 DMA at 515.38 could set the scene for further losses towards 510. The long upper candle wick suggests that the market tested higher prices before retreating. Nevertheless, the indicators continue to point to further upside momentum in the near term.
NY 2nd Month Coffee Futures
NY coffee futures held their nerve yesterday, closing at 267 after an indecisive session. %K/%D is now diverging on the upside in oversold territory, signalling growing buying pressure, while the MACD diff is negative but converging. On the downside, futures need to break below 265 to regain bearish momentum. A subsequent move towards 250 would confirm a renewed downside trend. Conversely, a break above 276 could set the scene for a test of the 10 DMA at 276.40. The long-legged doji highlights indecision, while the thin volume profile points to limited investor participation. The indicators suggest that momentum may be turning higher, but futures need to close above 276 to confirm the outlook.
Lnd 2nd Month Coffee Futures
Ldn coffee futures edged lower yesterday after struggling below the previous day’s lows, closing at 3,290. The stochastics are converging in oversold territory, suggesting waning selling pressure, while the MACD diff is negative but converging, pointing to a slowdown in downside momentum. To confirm the rejection of prices below 3,250 and the improving indicators, futures need to hold above this level before targeting the 10 DMA. Short candle wicks point to limited appetite in either direction, suggesting that the market is becoming hesitant to extend recent losses. Prices need to overcome current resistance to confirm the outlook for a recovery.
NY 2nd Month Cocoa Futures
NY cocoa futures edged higher yesterday, closing just below the 10 DMA at 5,723. The indicators suggest that prices could strengthen in the near term: the stochastics are diverging on the upside and the RSI is rising, although the MACD diff lacks the conviction to confirm the outlook. A break above the 10 DMA at 5,773 could prompt a test of the 40 DMA at 5,939, followed by resistance at 6,000. On the downside, a move below 5,536 could trigger further losses towards 5,325. The narrowing gap between the moving averages is capping upside potential; however, a break above current resistance could pave the way for further gains.
Ldn 2nd Month Cocoa Futures
