August Milk Bullish CypherMilk had a steady climb through April and May. Now retracing. Fell out of the channel today on a gap down, and expect fall to S1 at least, at 16.44. May attempt S2 at 16.29. It has breached the 20 day MA and has stayed below. Pivot at 16.70 becomes resistance. July contract fell last week and is ahead of August.
Butter Futures-Cash (Continuous: Current contract in front)
No trades
Market insights
Milk FuturesCan a bounce on the 20ma keep bull hopes alive?
Bearish divergence and 0.382 rejection, kumo and 100ma resistance just overhead, perhaps the 55ma is in the future
Short term short
March Milk Deep Slide March Milk has been sliding for over two months. It is looking like it will fall again through newly formed S1. Downside target S2 at 13.23. End may come at S3.
January Milk Elliot WaveJan Milk III is nearing the Support 3 line and closing in on oversold RSI. Milk is very bearish right now. USDA put milk trading around 16.18 to 15. Well it went below that. The next USDA numbers on Milk is November 20, 2017 3:00 PM. Right now Milk is trading in a band and could be coming to a final three drives pattern.
December MilkMilk bottomed out last week and looked today like it was going to explode up but was met with more selling. Still remains as a higher low. We might see some sideways trading to end of week. Next pattern could be a Bearish Gartely. October Milk is in the same condition.
Milk Bullish ButterflyBoth October and December Milk is coming or has come to a double or triple bottom and oversold condition. Rebound or continued downward action? A bullish butterfly could be the setup.
December
December Milk uptrendDecember Milk is building out an interesting uptrend. Next downside target 16.67. There is a massive support line at 16.70 which should help in keeping milk up, but there is always a potential this could all fall apart.
Milk Bullish Bat off of SharkOctober Milk surging upwards and coming near oversold mark and double top creating what could be an end of a Shark pattern. We are now into August and Milk will start picking up steam for the school year. Upside target around 17.66 -17.74. Tops for this market was back in Feb 2 at 17.85 where it hit a roof.
Milk Moving into its next phase after SharkSeptember Milk consolidated for a few days and now is looking like it may start to rise. Initial projection is a bearish Gartley. Next upside target is the 20 day moving average around 16.83. Milk is still looking bearish, but require confirmation on the 20 day.
MILK - LONGBUY MILK WITH TARGET EXTENSIONS FROM LAST SWING.
MILK MARKET HAS BEEN DEPRESSED LAST TWO YEARS . IN EUROPE WE HAVE BOUNCE BACK IN THE LAST 3 QUARTERS, MAINLY BECAUSE MOST FARMERS GAVE UP THEIR MILK PRODUCTION WHICH LEAD TO SUPPLY SHORTEGES. THE SAME SENTIMENT IS SEEN IN NEW ZEALAND. LOOK AT NZD CURRENCY CROSSES TO ALL MAJORS IN RESENT MONTHS. IT SHOULD ELEVATE MILK PRODUCTS IN US TOO ..
Bullish Shark MilkAugust Milk is making a play for 16.36 creating a bullish Shark. Needs to break and stay under 16.68. RSI is trending downwards.
July MilkJuly Milk is setting up a Bullish Cypher. Downside target 16.30 and then will see if this holds. If so, move back up to double top at 17.46. If fail, next downside target would be at 15.95.
Milk Double BottomJune Milk made a double bottom today and is showing a possible reversal. Caution should be warranted as this market may not have ended its downside yet. If it goes up, first target would be 15.94
Milk fell further into Butterfly ExtensionJune Milk fell into a Butterfly/Cypher extension Thursday and then rose today. Market not finished with the downtrend. Possible sideways progress from here until proof of direction is determined.
Right now we might have a bearish flag. Again confirmation needed for Monday. This market could extend down into 14.91.
Double bottom extending back into 2016-03-18 is where 14.91 comes. That would be a complete 161.8 extension of butterfly. This would then change the next pattern into a possible Gartley pattern, or to Bat depending on the retracement. Bat retracement to gap would be a little over 50%.
Milk Upward off of CypherJune Milk continues upward today bouncing off of Bearish Cypher C position yesterday. Looking for next upward target at 16.4 area. Potential upward target is the gap at 16.67
June Milk forming bearish BatJune Milk is forming a bearish Bat. C leg completed. If Milk drops below 15.94 this will turn into a Cypher. Monday should setup what we have here. There is a gap left open from the fall that needs closing, and almost made in on Thursday. The previous setup was a Crab that could finalize itself as far a 14.92. We will know more on Monday.
Class III Milk Bearish FlagApril Milk just created a bearish flag after a long drop off. 15.58 area would be a target for Monday. This would produce a double bottom. 15 would be a target for a bullish Butterfly. Bat comes in a 15.8 where the market comes now.
Milk found a bottomJune Milk found a bottom and bounced off. Couldn't quite make a 38.2 retracement. Bearish Gartley now the plan. Might crack 15.88 and go lower, double bottom and trend back up. To soon to tell. Tomorrow might show something better and into next week.
Class III MilkApril Milk fell to the bullish Gartley, and pulled back by half. Will probably see continued lower days before an up playing around the 16.88 to 16.50
Class III MilkApril Milk is still in a wedge downtrend/congestion. Friday may have created an evening start reversal signal. Need confirmation Monday. We also may be headed sideways on this market. Looking for a Bullish Gartley. Support at 17.04
Class III Milk is in a downtrend. April Class III Milk tried to move higher today, but was traded back. Looking for Gartley to complete at 61.8%.
Milk Class IIIApril Milk fell from a sideways channel today and continues a downward projection to complete the Gartley. See more downside to 17.36, with full target to a double bottom at 17, 38.2% of the XA leg before moving up.
Milk Class IIIMarch Milk still trading within the bullish flag. A symmetrical triangle within the flag is also forming. The downtrend off of the high at A is preventing a climb further. Will take a little mustard to breach. This Gartley pattern could be extended up to a max of 78.6%. If Milk climbs further this pattern will turn Cypher. Also note that open interest is falling. If prices are in a congestion range and open interest is falling, this is a bullish sign.
