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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 prices consolidated the previous day's gains yesterday as prices failed above 18 and closed at 17.89. The MACD is positive and the stochastics are rising and the gap between the %K/%D is widening indicating stronger momentum, but price action failed to confirm this when resistance at 18 held firm. Volumes were very strong on the upside this week, but futures need to break above 18 and then the 40DMA at 18.26, with 18.57 at the tertiary level. On the downside, rejection of prices at 18 could set the scene for lower prices to 17.48, a break of this level would confirm the reaffirmation of resistance and downside trend.

Ldn 2nd Month Sugar Futures

Ldn prices consolidated yesterday as intraday trading saw prices fail into 495 and then closed at 490.70. The stochastics are rising, and the MACD diff is positive and rising. The rejection of prices at 495 could set the scene for lower prices to 484.50. Secondary support stands at 480, but volumes on the upside are strong and this could set the scene for higher prices to 500. In order to confirm a change in trend, futures need to break above the upper trend channel. Upside pressure is improving but the market has struggled above the 40 DMA in recent months triggering a sell-off. 

 

NY 2nd Month Coffee Futures

NY coffee prices gave back some of the previous day's gains yesterday as intraday trading caused prices to close at 255.25. The stochastics are rising but the upside momentum is waning, the MACD diff is positive and diverging suggesting higher prices. The RSI is falling and this could trigger losses through the 0% fib level with losses towards 244.75. On the upside, momentum is on the upside and futures need to break above 260 to confirm the three white soldiers and bullish candles. We could see futures reaffirm support at 252.35 before retesting appetite at 260.

 

Ldn 2nd Month Coffee Futures 

Ldn coffee prices edged higher yesterday after prices found support at the 100 DMA, this prompted futures to close at 2263. The stochastics are rising with the %k stochastic are overbought, the MACD diff is also positive and this could set the scene for higher prices through the 40 DMA at 2265.92. We saw strong volumes on the downside yesterday and also as prices rallied into the close. The hammer candle and reaffirmation of support could trigger gains back through 2280 before targeting 2380. On the downside, resistance at the 40 DMA has held firm in the last few sessions and this could trigger weakness in the near term. In order to suggest a change in trend, prices need to break below 2173 in the medium term. 

 

NY 2nd Month Cocoa Futures

NY cocoa futures gained ground yesterday as protracted buying pressure triggered gains through resistance at 2812 before closing at 2833. The stochastics are rising, and overbought and volumes have been strong on the upside suggesting higher prices. The MACD diff is also positive and diverging. Momentum is bullish and we expect this to remain the case in the near term, however, prices have moved quickly and we could see prices reaffirm support.  On the downside, rejection of prices above 2800 could trigger losses to 2750. 

 

 

Ldn 2nd Month Cocoa Futures 

Ldn cocoa futures gained ground yesterday as appetite for prices below 1850, prompted a close of 1857. The stochastics are rising, but starting to converge and this could indicate lower prices in the near term. The MACD diff is positive and diverging but lack of appetite for prices above 1850 could trigger losses back to 1837, with secondary support at 1813. Buying pressure has been strong and the indicators are positive suggesting we could see higher prices in the near term. If support at 1840 holds firm, this would strengthen the outlook on the upside and trigger a break towards the recent high at 1888.

 

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Disclaimer

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