Breakfast Report (week of 8/30)
Posted: Aug. 30, 2023, 8:06 a.m.
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CocoaTechnicals (December)Cocoa futures surge to new contract highs! Cocoa has traded with a Bullish trend since August 17 at 3512. Only a breakdown below 3391 will shift traders to the sidelines. Bias: Bullish/Neutral Previous Session Bias: Bullish/Neutral Resistance: 3625*** Pivot: 3400 Support: 3391**, 3300-3250*** |
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CoffeeTechnicals (December) Coffee futures are starting to grind higher. Only a close above 160.00 switches from a Bearish to a Neutral trend. Overhead resistance at the 200- DMA near 169.33 will also provide headwinds. Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 160.00**, 163.58**, 165.34-166.00****, 170.50*** Pivot: 150.00 Support: 145.00*** |
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SugarTechnicals (October) Sugar futures ripped higher this week with a clear breakout! The market quickly shifted to a bullish trend on August 28, and only a breakdown below 23.84 will take it back to a neutral trend. Bias: Bullish/Neutral Previous Session Bias: Neutral Resistance: 26.25*** Pivot: 24.50 Support: 23.84*** |
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CottonTechnicals (December) Cotton futures continue to regain bullish momentum. Critical support continues to rise to 84.79 and only a close below will shift traders to the sidelines. 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: 87.50-88.00**, 89.00**** Pivot: 84.79 Support: 82.00-81.90**, 81.67*** |
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Rough RiceTechnicals (November) Rough Rice futures breakout with support rising to 16.01, 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: 16.31**** Pivot: 16.01 Support: 15.00**, 14.75*** |
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Milk Class IIITechnicals (September) Milk futures have been on a tear since July 21 when our proprietary trend analyzer flipped to a bullish trend at 17.27. Only a close below 17.88 will shift traders to the sidelines. Bias: Bullish/Neutral Previous Session Bias: Bullish/Neutral Resistance: 19.00*** Pivot: 17.88 Support: 17.00** |
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