by Jim Wyckoff, Senior Analyst TraderPlanet.com
SEPTEMBER COFFEE
SEPTEMBER COCOA
Source: VantagePoint Intermarket Analysis Software
OCTOBER SUGAR
October sugar closed higher on Tuesday as it consolidates above the 20-day moving average crossing at 9.21. The mid-range close set the stage for a steady opening on Wednesday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends this month’s rally, the 50% retracement level of the March-June decline crossing at 10.06 is the next upside target. Closes below the 20-day moving average crossing at 9.21 would temper the near-term friendly outlook in the market.
OCTOBER COTTON
October cotton closed higher on Tuesday as it consolidates above March’s high crossing at 58.30. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are overbought but remain neutral signaling that sideways to higher prices are possible near-term. If October extends the rally off May’s low, last July’s high crossing at 62.40 is the next upside target. Closes below the 10-day moving average crossing at 58.33 would confirm that a short-term top has been posted.