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Non-independent Research Daily Softs Technical Charts

Non-independent Research

Daily Softs Technical Charts

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NY 2nd Month Sugar Futures 

NY sugar futures edged higher on Friday after prices found support at 13. The market closed at 13.27. The stochastics are falling out of overbought and the MACD diff is positive but converging suggesting waning pressure. The market managed to close above the 40 DMA and this could trigger gains towards 13.80. However, the rejection of higher prices could trigger losses back towards 13. A break of support at 13 would set the scene for lower prices towards 12.69 the 100 DMA was 12.51. We expect prices to edge lower in the near term. Repeated reaffirmation of support at 13 would set the scene for higher prices in the long run. 

 

Ldn 2nd Month Sugar Futures 

Ldn sugar futures edged higher on Friday as prices tested support and resistance. The market closed at 374.20. The stochastics are overbought and the MACD diff is positive but is losing momentum and this could trigger a correction back through the 50% fib level to the 100 DMA at 360.76. The market has been well supported below the 50% fib level but prices need to break above the 61.8% fib level at 382.43 to confirm the trend. On the downside, prices need to take out support at 351.27 and this could trigger a break towards 334.80. We anticipate prices to edge lower in the near term but expect prices to find support at 360.

NY 2nd Month Coffee Futures 

NY coffee futures gained ground on Friday as prices were supported below 108 and this triggered a close at 110.95. The stochastics are rising but remain in oversold territory, the MACD diff is negative and converging and this could trigger gains in the near term towards the 50% fib level at 115. On the downside, rejection prices above 110 could trigger losses back towards 105, with the 76.4% fib level at 104.20. We do not expect a large sell-off in the near term as the indicators suggest a move to the upside.

Ldn 2nd Month Coffee Futures 

Ldn coffee futures were supported below the 50% fib level and this triggered a close on the front foot at 1331. The stochastics are emerging from oversold and the MACD diff is converging suggesting. We could see futures edge higher in the near term back towards 1331, with secondary support at 1350. However, prices have failed into 1350 and the market needs to gain a footing above this level to set the scene for higher prices. Apprehension amongst traders around 1330 could trigger losses through the 50% fib level and 100 DMA. The long term support level is 1250 and a break of this level in the medium term would set the scene for lower prices to 1200.

NY 2nd Month Cocoa Futures 

NY cocoa futures held their nerve on Friday as intraday trading caused prices to test support at 2425 and prices closed 2461. The stochastics are falling into oversold territory and the MACD diff negative and diverging suggesting lower prices in the near term towards 2400. The market partially recovered on Friday but failed to close above the 200 DMA which could set the scene for lower prices back to 2400. The bears need to close below 2400 in order to confirm the trend on the downside. On the upside, prices need to close above 2523 and then 2589 but we do not expect a rally in the near term. 

Ldn 2nd Month Cocoa Futures

Ldn cocoa prices sold off on Friday and found support at the 100 DMA, this prompted a close back above 2200 at 2212. The indicators are on the downside and we expect prices to weaken in the near term. The stochastics are oversold and the MACD diff is negative and diverging suggesting lower prices, a break of the 100 DMA will set the scene for a retreat back to 2100. On the upside, if support at 2200 holds firm this could trigger gains towards 2300. The market needs to gain a footing above this level in order to confirm the outlook of higher prices towards 2450. We expect futures to edge lower in the near term. 

 

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