Breakfast Report (week of 8/23)
Posted: Aug. 23, 2023, 7:57 a.m.
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CocoaTechnicals (December) Cocoa futures stall after breaking to a new contract high and reestablishing it's Bullish trend on August 17 at 3512. Only a breakdown below 3382 will shift traders to the sidelines. Bias: Bullish/Neutral Previous Session Bias: Bullish/Neutral Resistance: 3471**, 3499-3511****, 3625*** Pivot: 3400 Support: 3382**, 3300-3250*** |
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CoffeeTechnicals (December) Coffee futures spark a recovery as shorts begin to cover. Only a close above 161.69 switches from a Bearish to a Neutral trend. Overhead resistance at the 200- DMA near 169.55 will also provide headwinds. Risk-off vibes in U.S. Equities continue to weigh in on the market. Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 161.68**, 163.58**, 165.34-166.00****, 170.50*** Pivot: 150.00 Support: 145.00*** |
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SugarTechnicals (October) Sugar futures continue to trade in a Neutral to Bearish trend and will need to close over 24.33 in order to eliminate the Bearish trend. Overhead resistance sits at 25.00. Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 24.45****, 25.00*** Pivot: 23.50 Support: 22.50*** |
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CottonTechnicals (December) Cotton futures face minor overhead resistance at 85.00 while critical support rises to 82.95, where any breach on a closing basis will shift the Bullish trend back to Neutral. Cotton futures captured bullish trade momentum on July 19 at 83.75 and promptly traded up to recent contract highs, which were tested again on August 11. Bias: Bullish/Neutral Previous Session Bias: Bullish/Neutral Resistance:85.00*, 88.00**, 89.00**** Pivot: 82.95 Support: 82.00**, 81.67*** |
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Rough RiceTechnicals (September) Rough Rice futures hover above support at 15.66 where any breach on a closing basis will shift the Bullish trend back to Neutral and could signal a larger washout down to 15.00. Bias: Bullish/Neutral Previous Session Bias: Bullish/Neutral Resistance: 16.00**, 16.31**** Pivot: 15.66 Support: 15.00**, 14.75*** |
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