• Phillip Streible

Breakfast Report - Cocoa Sugar Coffee OJ

Softs Technical Report


“Actionable Trading Ideas that help you stay ahead of the markets"


Cocoa (July)


Technicals: The trend following system has gone to the sideline with new trade trigger points. Sell Trigger a close under 2180 and a buy trigger above 2413

Settle: 2322

OTE Unrealized Profit/Loss: $0.00 (Short closed out on April 6th $4080 gain)

Bias: Neutral

Previous Session Bias: Neutral


Resistance: 2387 (April 23rd High) - (2402 ****(April 7th swing high), ***2497 (200 DMA)

(EXPMA = Exponential Moving Average)

Pivot: 2384**** Parabolic stop and reversal -

Support: 2309 (Low from April 24th)***, 2202 (Low move on the chart)


ADX: 17.05

(ADX= Measures the strength of the current trend)

200 DMA: 2497


Fundamental Comments: The worlds top grinding regions (Asia and Europe) showed a small sign of increased demand however the long term demand outlook remains in question. We will need to see the stay at home orders lifted before any kind of real boost in demand occurs. Watch equity markets as your outside influences and potential carryover support. Rainfall remains light in West Africa.



Sugar (July)


Technicals: The Trend Trading system established a short on March 2nd at 13.81 and the buy stop is at 10.83

Settle:9.81

OTE Unrealized Profit/Loss: $4480.00

Bias:Bearish/Neutral

Previous Session Bias:Bearish/Neutral


Resistance: 10.55 (April 20th high)*** , 11.50****(high from March 25th)

(EXPMA = Exponential Moving Average)

Pivot: 10.54**** Parabolic stop and reversal

Support: 9.55*** (Long term support) ****9.00 (long term support)


200 DMA: 12.83


Fundamentals: New contract low on Friday and we need to dig deeper into the past to find key levels of support. India's 2019/20 sugar consumption is 24 million tonnes which is lighter than previous estimates and the COT report showed money managers pressing the shorts and adding another 15k short.


Coffee (July)


Technicals: The Trend Trading system is on the sidelines with sell triggers at 103.00 and buy triggers at 123.19

Settle:106.75

OTE Unrealized Profit/Loss: $0.00

Bias: Neutral

Previous Session Bias: Neutral


Resistance: 114.17 (200 DMA)***, 122.60 (April 9th high)****

(EXPMA = Exponential Moving Average)

Pivot: 122.61*** Parabolic stop and reversal

Support: 106.05 (April 24th low)**** 103.05 ( March 17th low)

200 DMA: 114.17


Fundamentals: Brazil's harvest is in full swing while demand is starting to slump. We saw a new 5 week low occur on Friday. Keep an eye on record production numbers out of Brazil as additional pressure.


If your going to play this market, it is somewhat choppy and (for example) the Average True Range has been as high as 6.85. This means that on the average day the market should move 6.85 X $375 = $2568.75 so be careful.


Orange Juice (July)


Technicals: The Trend Trading system established a Long on March 20th at 105.60 and the sell stop is at 103.37

Settle:108.60

OTE Unrealized Profit/Loss: $450.00

Bias: Bullish/Neutral

Previous Session Bias: Bullish/Neutral


Resistance: 110.40 ( the high from April 13th),**121.25(Recent Swing High)***

(EXPMA = Exponential Moving Average)

Pivot:110.13**** Parabolic stop and reversal

Support: 109.10*** (200 DMA) ****104.60 (Critical support level)

200 DMA: 109.10


The market has formed a wedge and looking to breakout. We could see a move back to the highs if an upside breakout occurs.


Good luck and good trading, Phillip Streible Chief Market Strategist 312-858-7303 Phil@Bluelinefutures.com Follow us on Twitter:@BlueLineFutures Follow us on Facebook: Blue Line Futures Facebook page Subscribe to our YouTube channel: Blue Line Futures YouTube channel

If you have any questions about markets, trading, or opening an account please let us know! You can email us at info@BlueLineFutures.com or call 312-278-0500 BlueLineFutures.com Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

8 views
Logo_desktop_2x.png

141 W. JACKSON BLVD., SUITE 2845

CHICAGO, IL 60604

INFO@BLUELINEFUTURES.COM

P: (312) 278-0500

F: (888) 370-2221

  • YouTube - White Circle
  • Facebook - White Circle
  • Twitter - White Circle
  • LinkedIn - White Circle

© 2020 by Blue Line Futures, LLC. All rights reserved.

Futures trading involves substantial risk of loss and may not be suitable for all investors.