by Jim Wyckoff, Senior Analyst TraderPlanet.com
JULY SOYBEANS
July soybean prices Friday closed higher, near the session high, at the weekly high close and hit another fresh three-month high. Bulls have solid upside technical momentum heading into the new trading week. The next upside price objective for the bulls is closing prices above solid technical resistance at the contract high of $8.22. The next downside price objective for the bears is closing prices below solid support at $7.90. First resistance for July soybeans is seen at Friday’s high of $8.13 and then at $8.22. First support is seen at Friday’s low of $8.07 and then at $8.00.
8.22 — the contract high
7.93 3/4 — 10-day moving average
7.71 ——– 20-day moving average
7.62 3/4 — 40-day moving average
5.82 1/2 — the contract low
JULY SOYBEAN MEAL
CBOT July soymeal prices Friday closed firmer but nearer the session low. Bulls still have some upside technical momentum. The next upside price objective for the bulls is producing a close above solid chart resistance at $225.00. The next downside price objective for the bears is closing prices below solid support at $211.00. First resistance comes in at Friday’s high of $219.50 and then at $222.50. First support is seen at $217.50 and then at $215.00.
245.20 — the contract high
213.70 — 10-day moving average
207.40 — 20-day moving average
207.60 — 40-day moving average
167.30 — the contract low
JULY SOYBEAN OIL
July bean oil prices Friday closed higher, near mid-range and hit another fresh contract high. Bean oil bulls still have the solid near-term technical advantage and gained more power Friday. The next upside price objective for the bulls is pushing prices above solid technical resistance at 37.00 cents. Bears’ next downside price objective is pushing and closing prices below solid support at 34.00 cents. First resistance is seen at Friday’s contract high of 36.05 cents and then at 36.50 cents. First support is seen at Friday’s low of 35.57 cents and then at 35.20 cents.
36.05 — the contract high
35.04 — 10-day moving average
34.29 — 20-day moving average
33.60 — 40-day moving average
22.50 — the contract low
JULY CORN
Chicago Board of Trade July corn prices Friday closed slightly lower and nearer the session high. Look for a same trading range between the May low of $3.54 and the May high of $3.96 1/2 for the near term. The next downside price objective for the bears is closing prices below solid support at last week’s low of $3.67 1/4 a bushel. Bulls would regain upside technical momentum by pushing prices above solid chart resistance at last week’s high of $3.82 1/4. First resistance for July corn is seen at Friday’s high of $3.79 3/4 and then at $3.82 1/4. First support is seen at Friday’s low of $3.71 and then at $3.67 1/4.
4.58 1/2 — the contract high
3.72 3/4 —10-day moving average
3.73 1/4 — 20-day moving average
3.73 3/4 — 40-day moving average
2.42 ——– the contract low
Source: VantagePoint Intermarket Analysis Software
JULY CBOT WHEAT
CBOT July wheat prices Friday closed solidly higher, near the session high and at the weekly high close. The bulls have fresh near-term technical momentum. Bulls’ next upside price objective is to close prices above solid resistance at $5.07 1/2 a bushel. The next downside price objective for the bears is closing prices below solid support at $4.80 a bushel. First resistance is seen at Friday’s high of $5.02 and then at $5.07 1/2. First support lies at Friday’s low of $4.91 1/2 and then at $4.85.
5.30 ——– the contract high
4.87 1/4 — 10-day moving average
4.89 1/4 — 20-day moving average
4.86 ——– 40-day moving average
3.49 ——– the contract low
JULY KCBT WHEAT
July Kansas City wheat prices Friday closed higher, near the session high and at the weekly high close. Bulls have fresh upside technical momentum. A four-week-old downtrend on the daily bar chart was negated Friday. Bulls’ next upside price objective is closing prices above solid chart resistance at the May high of $4.93 a bushel. The bears’ next downside objective is closing prices below solid support at the May low of $4.62 a bushel. First resistance is seen at Friday’s high of $4.90 and then at $4.93. First support is seen at Friday’s low of $4.82 1/2 and then at $4.80.
5.27 ——– the contract high
4.77 3/4 — 10-day moving average
4.79 1/2 — 20-day moving average
4.81 1/2 — 40-day moving average
3.79 1/2 — the contract low
