1. Reports
  2. Daily Softs Technical Charts

Non-independent Research Daily Softs Technical Charts

Non-independent Research

Daily Softs Technical Charts

Read disclaimer

NY 2nd Month Sugar Future

NY sugar futures edged lower yesterday as selling pressure prompted a close at 12.46. The stochastics are rising and are positive, the MACD diff is negative but lacks conviction. Activity remains above key support but if futures break this level and then trend support, futures could trigger losses through 12 to 11.37 where the 100 DMA. On the upside, appetite for prices at 12.35 could trigger gains back towards 13, this remains the key level on the upside. The near term trend is on the upside and the reaffirmation of support suggests we could see higher prices but prices need to post a new high, while the indicators post a new high as well.

Ldn 2nd Month Sugar Future

Ldn sugar futures consolidated yesterday as prices traded within resistance and support forming a spinning top, and closed at 353.50. The stochastics are rising, and the RSI is also in positive territory. The MACD diff is positive and diverging on the upside suggesting we could see higher prices in the near term. Futures need to break above resistance at the 40 DMA and trend resistance in order to confirm the improvement in the upside. On the downside, rejection of resistance could trigger losses back through the 38.2% fib level, this could set the scene for another challenge of 331.86. A break of this level would help confirm the descending triangle.

NY 2nd Month Coffee Future

NY coffee futures held their nerves yesterday as intraday trading saw prices test support and resistance, forming a long-legged doji. The market closed at 110.30. The stochastics are rising and moving towards overbought territory as the MACD diff and diverging on the upside, the DMI is also rising. The gap higher and large candle outline bullish momentum, however, prices need to take out-trend resistance in order to confirm the outlook of higher prices towards 115. The doji suggests uncertainty in the market and futures may retreat back towards the 100 DMA at 107.50. In order to suggest a change in trend back towards the downside, in the near term, prices need to close the gap.

Ldn 2nd Month Coffee Future

Ldn coffee futures closed yesterday as selling pressure prompted prices to close at 1350. The indicators are on the upside, as the stochastics are overbought, and the MACD diff is positive and diverging suggesting higher prices. The ADX and DMI outline the strengthening trend on the upside. Prices failed above 1350 yesterday and if selling pressure continues today, we may see prices take out support at 1331. Secondary support stands at 1300. On the upside, buying pressure has been strongly outlined by the full candles. Appetite for prices below 1350 could trigger gains back through 1350 and then target 1400 in the medium term. The market has moved quickly and we would like to see prices reaffirm support in the near term in order to confirm the trend.

NY 2nd Month Cocoa Future

NY cocoa futures consolidated yesterday as intraday trading, caused prices to test support and resistance but close at 2201, near unchanged. The stochastics are rising and the MACD diff is diverging on the upside suggesting higher prices. The RSI lacks conviction, outlining the recent consolidation, the stochastics have started to converge and if futures fail to gain a footing above 2200 we could see futures break back below 2165 and then target 2090. On the upside, futures need to take out the 40 DMA and trend resistance in order to confirm the outlook of higher prices towards 2400.

Ldn 2nd Month Cocoa Future

Ldn cocoa failed into trend resistance yesterday prompting prices to close at 1981, slightly below the open. The stochastics are rising but have started to converge, the MACD diff is positive and diverges but the rejection of trend resistance yesterday and earlier this week suggests lack of appetite for higher prices. A retracement through support at 1927 would confirm the descending triangle and could trigger losses towards 1850. Conversely, prices need to take out-trend resistance and then challenge the 40 DMA in order to regain upside conviction. The recent trend is on the downside and the reaffirmation of resistance strengthens the trend on the downside.



This is a marketing communication. The information in this report is provided solely for informational purposes and should not be regarded as a recommendation to buy, sell or otherwise deal in any particular investment. Please be aware that, where any views have been expressed in this report, the author of this report may have had many, varied views over the past 12 months, including contrary views.

A large number of views are being generated at all times and these may change quickly. Any valuations or underlying assumptions made are solely based upon the author’s market knowledge and experience.

Please contact the author should you require a copy of any previous reports for comparative purposes. Furthermore, the information in this report has not been prepared in accordance with legal requirements designed to promote the independence of investment research. All information in this report is obtained from sources believed to be reliable and we make no representation as to its completeness or accuracy.

This report is not subject to any prohibition on dealing ahead of the dissemination of investment research. Accordingly, the information may have been acted upon by us for our own purposes and has not been procured for the exclusive benefit of customers. Sucden Financial believes that the information contained within this report is already in the public domain. Private customers should not invest in these products unless they are satisfied that the products are suitable for them and they have sought professional advice. Please read our full risk warnings and disclaimers.

Sign-up to get the latest Non-independent research

We will email you each time a new report has been published.

You might also be interested in...

Daily Report Base Metals

Our daily commentary, covering market news and closing prices of LME aluminium, copper, lead, nickel, tin, zinc, iron ore, steel, and precious metals.

Daily Report FX

A morning report covering fundamentals and technicals for USD, EUR, GBP, JPY, and CHF.

Weekly Report FX Options

Our FX Options Report contains commentary and analysis covering OTC currency option pricing, volatility and positioning. This week’s focus is on EURPLN and the currency trajectory following the deteriorating economic outlook in Europe and rising rates in Poland.

FX Monthly Report May 2022

Monthly commentary covering the FX markets, providing insights on recent developments on select currency pairs. This month we look at the current inflation outlook across LATAM, Europe, U.S. and U.K. and gauge if central banks will slow their rate hikes. Economic data is weakening and China's poor growth and woeful demand could impact policy makers' decisions. 

Quarterly Metals Report – Q1 2022

Our analysts provide in-depth analysis into the current macroeconomic conditions and how near-term choppiness may subside in the coming months, once the Fed has confirmed its stance on Monetary Policy. The backwardated spreads in the metals market outline the tightness, and the geopolitical tensions between Russia and Ukraine could compound tightness in Europe due to lower energy, metals, and grain exports.