Saturday, April 16, 2011

FOOD & FIBER

Autumn Cornucopia
May coffee closed higher on Friday as it extends the rally off last
Tuesday's low. The high-range close sets the stage for a steady to higher
opening on Monday. Stochastics and the RSI are bullish signaling that sideways
to higher prices are possible near-term. If May extends this week's rally,
March's high crossing at 296.65 is the next upside target. Closes below the
20-day moving average crossing at 27.02 would confirm that a short-term top has
been posted.


May cocoa closed higher on Friday as it extended Thursday's breakout above
the 20-day moving average crossing at 30.93. The mid-range close sets the stage
for a steady opening on Monday. Stochastics and the RSI are bullish signaling
that sideways to higher prices are possible near-term. If May extends this
week's rally, the reaction high crossing at 33.42 is the next upside target.
Closes below the 10-day moving average crossing at 30.46 would confirm that a
short-term top has been posted.


May sugar closed slightly higher due to short covering on Friday as it
consolidates some of this month's decline. The low-range close set the stage
for a steady to lower opening on Monday. Stochastic and the RSI are oversold
but remain bearish signaling that sideways to lower prices are possible
near-term. If May extends the decline off February's high, November's low
crossing at 22.89 is the next downside target. Closes above the 20-day moving
average crossing at 26.61 would confirm that a short-term low has been posted.


May cotton closed lower on Friday and the low-range close sets the stage for
a steady opening on Friday. May remains locked in the trading range of the past
four weeks. Stochastics and the RSI are bearish signaling that sideways to
lower prices are possible near-term. Closes below the reaction low crossing at
185.01 would open the door for a larger-degree decline this spring. If May
renews the rally off March's low, March's high crossing at 219.70 is the next
upside target. 


http://quotes.ino.com/exchanges/category.html?c=food

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