Cocoa futures surged on Tuesday, with Momentum studies rising from oversold territory. The 8-day EMA bounced higher helping push upward momentum. The market will need to breach 3471 in order to rekindle the bullish momentum, while a breakthrough 3350 will open the door to additional selling pressure.
Previous Session Bias: Neutral
Resistance: 3471*, 3499-3511, 3625
Support: 3350, 3300-3250*
Coffee futures continue to break down and need to rally through 163.58 to switch from a Bearish to a Neutral trend. Overhead resistance at the 200- DMA near 170.00 will also provide headwinds. Risk-off vibes in U.S. Equities continue to weigh in on the market. With the recent multi-month selloff, getting behind any substantial change in bias is tough.
Resistance: 163.58*, 165.34-166.00, 170.50
Sugar futures continue to trade in a Neutral to Bearish trend and will need to close over 24.42 in order to eliminate the Bearish trend. Overhead resistance sits at 25.00. Keep an eye on any strength in Crude Oil after falling back from its recent highs.
Previous Session Bias: Neutral/Bearish
Resistance: 24.42***, 24.60****, 25.00***