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Blue Line Breakfast Report - Cocoa Sugar Coffee OJ

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Breakfast Report - Cocoa Sugar Coffee OJ

Actionable Trading Ideas that help you stay ahead of the markets

Cocoa (May)

Fundamentals: Cocoa finally broke support on the deteriorating global economic backdrop due to the coronavirus. Remember that cocoa is very demand sensitive and although the supply side has been strained due to dry weather in Ghana and Ivory Coast.

Technicals: The bull flag was broken yesterday moving trend traders to the sidelines. We will now have to wait for a move over 3020 or a break below 2714 in order to establish a new direction.

Bias: Neutral

Previous Session Bias: Neutral

Resistance: 2900***, 2935****

Pivot: 2850

Support: 2771***, 2750****

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Sugar (May)

Fundamentals: Energy prices were crushed yesterday and are on a weaker foot to start the session today. Ultimately if the coronavirus continues to spread we should see a decline in air travel and an increase in people driving to their vacation destination therefore boosting Gasoline and ethanol.

Technicals: Sugar is back near support and is either making a head and shoulders top or just gearing up in coiling action. Trend traders remain long but the stops are near current price levels with a close below 14.53 will move traders to the sidelines.

Bias: Bullish/Neutral

Previous Session Bias: Bullish/ Neutral

Resistance: 15.00***, 15.29****

Key Pivot: 14.53 - Point traders would exit longs and head to sidelines

Support: 14.50***, 14.00****

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Coffee (May)

Fundamentals: Demand destruction continues to weigh in on coffee as well as the outside tone in the markets. With coffee shops closed in multiple countries this could spark a new downdraft in the market.

Technicals: Coffee has had a wild range over the past 48 hours with nearly a 10 cent range. Use 115 as your resistance point and 105 as your support. If we see either of these technical levels broken we may see extensions in either direction.

Bias: Neutral

Previous Session Bias: Neutral

Resistance: 110***, 115****

Pivot: 115 - Spot where trend traders get long.

Support: 105***, 100****


Orange Juice (May)

Fundamentals: Market is getting a small bump in demand from the Coronavirus outbreak. People still believe Orange Juice can cure your common cold so we should expect a bit of support.

Technicals: The market has formed a bull flag and looks to breakout above 103 resistance. Trend traders are long from February 11tth at 102.30 and their sell triggers are at 97.10.

Bias: Bullish/Neutral

Previous Session Bias: Bullish/Neutral

Resistance: 102.90***, 105****

97.10 - Point where trend traders would head to the sidelines

Support: 100***, 98.00****

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Good luck and good trading,

Phillip Streible

Chief Market Strategist


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About the author

Phillip Streible is a Series 3 licensed Chief Market Strategist at Blue Line Futures and specializes in working with clients in developing futures and options strategies in the metals markets. As the Chief Market Strategist his goal is to show clients how to anticipate, recognize and react to bull and bear market conditions through the use of fundamental and technical analysis techniques that help them to define risk. With more than 16 years of experience working with clients, Phillip ran one of the largest retail commodities desks while at Lind-Waldock where he focused on metals, energies, currencies and agricultural markets. 

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