Breakfast Report (week of 8/9)
Posted: Aug. 9, 2023, 8:11 a.m.
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CocoaTechnicals (December)December cocoa futures carved out a near-term top after squeezing futures to new contract highs on Monday. While current supplies remain tight, the risk-off vibe in U.S. Equities and disappointing Chinese economic data makes us question the long-term demand structure. The market will need to breach 3499 in order to rekindle the bullish momentum while a breakthrough 3341 will open the door to additional selling pressure. Bias: Neutral Previous Session Bias: Neutral Resistance: 3499****, 3625*** Pivot: 3341 Support: 3300-3250*** |
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CoffeeTechnicals (December) Coffee futures continue to struggle and will need to break through 166.00 in order to rekindle bullish momentum. Overhead resistance at the 200- DMA near 170.50 will also provide headwinds. Risk-off vibes in U.S. Equities followed by a weak Brazilian currency add additional pressure. With the recent multi-month selloff it is tough to get behind any substantial change in bias. Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 166.00****, 170.50*** Pivot: 160.00 Support: 158.00***, 155.00*** |
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SugarTechnicals (October) After charging to fresh contract highs in April, the market has failed to rekindle bullish momentum. While the fundamentals remain bullish, the market seems to lack buying interest, like what we see in the energy markets. The Brazilian currency reached a new cycle low, and sugar cane producers continued to market and focus on exports aggressively further pressuring prices. Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 24.62****, 25.00*** Pivot: 23.50 Support: 22.50*** |
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