Currently, the PEPPERSTONE:COCOA (cacao) market has undergone a notable upside rally over recent days, culminating in a significant move towards the $6000 level. Today, we observed a precise hit of this key psychological level, followed by a clean rejection, prompting a short position.
The primary objective now is to remain below this crucial $6000 level,...
I will monitor price action on this floor and have set alerts for entry.
Wheat futures need a correction to the upside.
Let me know your thoughts.
The Professor
www.tradingview.com
White Sugar price increase will lead to the breakout of local Delta sugar price.
Long position is foreseen
check the analysis to determine whether it suits you
Wheat (ZW1!) has been trading within a long-term Channel Down pattenr since July 2022. The price is currently on a bearish sequence below both the 1D MA200 (orange trend-line) and 1D MA50 (blue trend-line). It appears that technically this is a Bearish Leg following the December 06 2023 Lower High rejection, similar to the one that started on the October 10 2022...
Urea & White sugar prices increased in the commodities market; this price increase will flirt with the bullish fertilizers sect of the EGX. ABUK & MFPC will lead EGX30 to the 30K Bar.
SUGAR is TAILGAITING
Weekly chart, wheat cash contract is trading in a falling wedge!
Will we see the 435 - 400 price level or rebound upwards from 520 - 525?
It is tough to confirm.. However, this falling wedge pattern has a higher probability that the price will cross the resistance (line R) upwards towards 745 and 765 in the long term.
Fundamental Outlook:
There’s no beating around the bush - the fundamental outlook for soybeans is bearish. Global ending stocks are now at all time highs per the last WASDE report, and export demand for U.S. soybeans has slowed considerably - currently down around 19% year-over-year. As South American harvest progresses, the outlook of the Brazilian soybean...
Wheat 2 years after topping out at the PCZ of a Bearish Shark that initiated a downtrend in 2022, has now come back to the top side of the range wheat traded in between the years of 2016 and 2020 before ultimately confirming the bottom at the PCZ of a Bullish Deep Gartley in 2019 and breaking free to the upside of the trading range in late 2020.
Now that wheat...
Given the mounting anger and protests by farmers across Europe, there appears to be a significant challenge stemming from contradictory and potentially detrimental agricultural policies. The grievances include increased costs for agricultural diesel, additional fees for water consumption, complex regulations, and objections to bans on pesticides and herbicides...
Soybean futures are off to a rough start in 2024. In the first week of trading, March soybeans were down nearly 42 cents on the back of beneficial rains sweeping Central Brazil. Selling pressure permeated into Monday’s session as well, with soybeans trading down into the mid 1230’s. So, the question now becomes, will March soybeans make new contract lows?
...
Weekly chart, SUGAR commodity has broken down support line # 2, and is heading towards #1 at around 17.12
Below that, the next target price will be 10.67
Another scenario is to rebound from Support # 1 towards 21 then 23
MACD indicator went negative, while RSI is getting into the buy area
Weekly chart, Soybean Futures almost formed a bullish chart pattern - Descending Wedge.
After crossing resistance 2 line and line 1, the target will be 1550 then 1770
The other side probability is activated by breaking down support line 1.
However, support line 2 can be a strong barrier and force a price rebounding.
Wheat futures (CBOT) is rebounding from the support level, and it seam a bullish pattern is being formed - Cup and Handle!
After complete formation of chart pattern, the target will be 760 US cent/bushel (23.4% increase from current level)
Indicator RSI is positive
Wheat (ZW1!) has been trading within a Channel Down pattern since July 2022 and since early December has failed repeatedly to detach itself above the 1D MA200 (orange trend-line). Since it is closer to the top (Lower Highs trend-line) of the pattern and it resembles the February 14 High, we expect a strong selling sequence if the price breaks below the 1D MA50...
Long or short bakeout. What do you suppose. Fundamentals are mixed. Ivory coast stopped selling cocoa at the same time new crop is developing well. For me it is time funds to take profit and bring the price down for a correction.
![CC1!: [COCOA] Cacao timing to take the correction](https://s3.tradingview.com/e/EymRW0bV_mid.png "[COCOA] Cacao timing to take the correction")
