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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 futures surged higher yesterday as protracted buying pressure promoted futures to test appetite above 20, and the trend channel but the market closed at 19.94. The MACD diff is positive and diverging as the ADX, RSI, and stochastics are all rising helping to confirm positive momentum. The trend channel held firm and this could trigger losses back to 19.50. However, protracted buying pressure yesterday could see another break of 20 today, and a break above the trend channel. We expect prices to remain on the upside in the near term. 

Ldn 2nd Month Sugar Futures 

Ldn futures were well supported yesterday as prices broke above key resistance at 482.60 to close at 488.40. The MACD diff is positive and diverging, as the stochastics and RSI are rising. The bullish candle and breakthrough 482.60, has helped to confirm the ascending triangle and long term upward trend. The full candle on the upside indicates higher prices and the 500 resistance level is a key psychological level. Conversely, lack of appetite above 485 could trigger losses back towards 480 and then 471. We anticipate momentum to remain on the front foot. 

NY 2nd Month Coffee Futures 

NY futures edged higher yesterday after prices were supported at 181, prompting a close at 185.10. The indicators are starting to bottom out with the MACD diff converging on the downside. The stochastics are covering and we could have a buy signal on the horizon, to confirm this signal prices need to break back above 189.16 before targeting 195. On the downside, a lack of appetite for prices above 185 could trigger losses back through 180 towards 174. We expect prices to edge higher in the near term as the indicators look to improve. 

Ldn 2nd Month Coffee Futures 

Ldn futures were well supported yesterday as intraday trading caused futures to break through 1820 and close at 1863. The stochastics are rising, and the MACD diff is converging on the downside suggesting higher prices in the near term. The reaffirmation of support at the 40 DMA could see the scene for higher prices in the near term towards 1906. Superseding this level, resistance stands at 2000. On the downside, we could see the market retreat back towards 180. The reaffirmation of prices at 1800 could trigger gains through to 1900. The full candle could trigger gains to 1900 in the near term.

NY 2nd Month Cocoa Futures 

NY cocoa futures gained ground yesterday as protracted buying caused a breach of 2523 to close at 2536. The indicators favour the upside as the RSI, stochastics and MACD diff all push higher. The reaffirmation of support at previous trend resistance could trigger gains back to 2600, yesterday's full candle and breach of resistance has helped to confirm the double bottom at 2300 and break and reaffirmation of previous trend resistance. On the downside, if prices fail to gain a footing above 2523 prices could retreat back towards 2434. 

Ldn 2nd Month Cocoa Futures 

Ldn cocoa futures were well supported yesterday as prices broke resistance at 2400 to close at 2420.78. The stochastics are rising, as the MACD diff is positive, this suggests higher prices in the near term towards 2450. Secondary resistance stands at 2500, before the tertiary level at 2531. On the downside, we do not expect a change in trend on the downside in the near term but we could see prices reaffirm support at 2400. The recent trend has favoured the upside and we expect this to continue in the near term. 

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Disclaimer

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