Commodities Agricultural 05.12.2016

Commodities Agricultural 05.12.2016

Coffee C
The price is holding firm below daily cloud, taken out after last week’s sharp fall. Today’s consolidation above temporary footstep at 144.00 was so far limited well under psychological 150.00 barrier, showing no stronger impact on strongly oversold daily studies.
However, extended upside action could be anticipated on violation of 150.00 barrier, with extended recovery seen towards 154.00 zone, before larger bears resume.
Below 144.00, extension towards 140.35 (200SMA) and psychological 140.00 support, could be expected.
Res: 148.60; 150.00; 151.74; 153.91
Sup: 145.05; 144.00; 142.30; 140.35

coffee-c-05-12

WHEAT
Wheat price bounced to 406 zone, on recovery rally from Friday’s low at 396.50 and today’s gap higher opening.
Daily cloud base contained Friday’s dip, with subsequent recovery hitting 407 barrier (Fibo 61.8% of 413.50/396.50 downleg.
Close above 407.00 is needed to confirm bullish resumption of n/t recovery towards strong barrier at 410.80 (daily cloud top / bear-channel upper trendline).
Dips are expected to hold above 401 handle (Friday’s close / daily Kijun-sen).

Res: 406.25; 407.00; 409.50; 411.50
Sup: 405.50; 404.00; 401.00; 400.00

wheat-05-12

SUGAR11
Sugar remains in downtrend that is retesting 200SMA / Friday’s low at 18.87, after strong support at 19.50 zone (23 Nov low / Fibo 38.2% of larger 12.58 / 23.84 ascend), was lost.
Firm break here would trigger further extension of fall, consisting of eight straight days in red towards next support at 18.21 (50% retracement), possibly to extend towards weekly cloud top at 17.00.
Former pivot at 19.50 zone, reinforced by falling Tenkan-sen at 19.56, should ideally cap corrective attempts, guarding psychological 20.00 barrier and upper pivots at 20.30/50 zone.
Res: 19.17; 19.50; 20.00; 20.30
Sup: 18.87; 18.21; 17.00; 16.88

sugar11-05-12, Market Analysis