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May coffee closed lower on Thursday as it consolidates some of the rally off November's low. The low-range close sets the stage for a steady to lower opening on Friday. 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 13.04 would signal that a short-term top has been posted. If May renews the rally off February's low, the 87% retracement level of the 2019-2020-decline crossing at 14.42 is the next upside target.
May cocoa closed lower on Thursday as it consolidates some of the rally off February's low. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off February's low, the 87% retracement level of the November-February-decline crossing at 27.11 is the next upside target. Closes below the 20-day moving average crossing at 25.04 would confirm that a short-term top has been posted.
May sugar closed higher on Thursday as it consolidated some of the decline off February's high. The high-range close set the stage for a steady to higher opening on Friday. 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 16.26 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If May renews the rally off last-April's low, weekly resistance crossing at 18.42 is the next upside target.
May cotton closed lower on Thursday and below the 20-day moving average crossing at 89.09 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If May extends this week's decline, the 50-day moving average crossing at 83.95 is the next downside target. Closes above the 10-day moving average crossing at 90.59 would signal that a short-term low has been posted.