Analysis

May coffee closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this month's decline, weekly support crossing at 95.10 is the next downside target. Closes above the 20-day moving average crossing at 10.46 are needed to confirm that a low has been posted.

May cocoa closed higher on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 22.68 would confirm that a short-term top has been posted. If May resumes the rally off January's low, the December high crossing at 24.64 is the next upside target.

May sugar closed higher on Friday. The mid-range close set the stage for a steady opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this week's rally, October's high crossing at 14.29 is the next upside target. Closes below the 50-day moving average crossing at 12.74 would confirm that a short-term top has been posted.

May cotton closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 74.79 would confirm that a short-term low has been posted. If May renews the decline off December's high, the 87% retracement level of the 2016-2018-rally crossing at 68.36 is the next downside target.