by Jim Wyckoff, Senior Analyst TraderPlanet.com
NOVEMBER SOYBEAN
November soybean prices Friday closed higher and nearer the session high and closed at a bullish weekly high close. Bullish “outside markets”–highercrude oil pricesand a weaker U.S. dollar aided the bean bulls again on Friday. Bulls have the solid near-term technical advantage. The next upside price objective for the bean bulls is to push and close prices above solid resistance at the contract high of $16.36 3/4 a bushel. The next downside price objective for the bears is pushing and closing prices below psychological support at $15.00. First resistance for November soybeans is seen at $16.00 and then at Friday’s high of $16.20. First support is seen at $15.75 and then at Friday’s low of $15.61.
16.36 3/4 — the contract high
15.83 1/2 — 10-day moving average
15.54 3/4 — 20-day moving average
14.67 1/4 — 40-day moving average
5.98 ——– the contract low
DECEMBER SOYMEAL
December soymeal prices Friday closed higher, near the session high, at a bullish weekly high close and set a fresh contract high. The next upside price objective for the bulls is to produce a close above solid technical resistance at $440.00. The next downside price objective for the bears is pushing and closing prices below solid support at $400.00. First resistance comes in at Friday’s contract high of $431.90 and then at $435.00. First support is seen at $425.00 and then at $420.00.
$431.90 — the contract high
$417.30 — 10-day moving average
$405.10 — 20-day moving average
$373.20 — 40-day moving average
$172.20 — the contract low
DECEMBER BEAN OIL
December bean oil prices Friday closed slightly higher and nearer the session low. Bean oil bulls still have the near-term technical advantage. A three-month-old uptrend is still in place on the daily bar chart. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at last week’s high of 68.45 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid support at last week’s low of 64.05 cents. First resistance is seen at 66.50 cents and then at 67.00 cents. First support is seen at Friday’s low of 65.46 cents and then at 65.00 cents.
74.00 — the contract high
67.08 — 10-day moving average
66.79 — 20-day moving average
65.37 — 40-day moving average
23.28 — the contract low
DECEMBER CORN
December corn prices Friday closed higher and nearer the session high after hitting a fresh four-week low early on. Near-term technical damage has been inflicted recently. The bears had the better week last week, in what is historically a very important week for the grains. The bulls’ next upside price objective is to push prices above solid technical resistance at $7.47, which would fill on the upside a downside price gap on the daily chart. The next downside price objective for the bears is to push and close prices below solid support at last week’s low of $6.94 3/4. First resistance for December corn is seen at Friday’s high of $7.15 and then at $7.25. First support is seen at $7.00 and then at $6.94 3/4.
7.99 1/4 — the contract high
7.44 3/4 — 10-day moving average
7.55 3/4 — 20-day moving average
7.01 3/4 — 40-day moving average
2.59 ——– the contract low
DECEMBER CHICAGO WHEAT
December Chicago wheat prices Friday closed higher and nearer the session high. Prices scored a mildly bullish “outside day” up on the daily bar chart. Bears still have the near-term technical advantage. A three-week-old downtrend is in place on the daily bar chart. Bulls’ next upside price objective is to push and close December futures prices above solid technical resistance at last week’s high of $9.05 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at $8.00 a bushel. First resistance is seen at Friday’s high of $8.70 and then at $8.83 1/2. First support lies at $8.50 and then at last week’s low of $8.36.
12.84 1/4 — the contract high
8.78 1/2 — 10-day moving average
9.03 1/2 — 20-day moving average
8.61 ——- 40-day moving average
4.00 1/2 — the contract low
DECEMBER KANSAS CITY WHEAT
December Kansas City wheat prices Friday closed higher and the session high. Prices also closed at a mildly bullish weekly high close. Bears do still have the near-term technical advantage. The bulls’ next upside price objective is pushing and closing prices above solid technical resistance at $9.00 a bushel. The bears’ next downside objective is pushing and closing prices below solid technical support at last week’s low of $8.68 1/2. First resistance is seen at Friday’s high of $8.89 and then at $9.00. First support is seen at last week’s low of $8.68 1/2 and then at $8.50.
12.99 ——– the contract high
9.06 3/4 — 10-day moving average
9.34 1/2 — 20-day moving average
8.95 1/4 — 40-day moving average
4.88 ——– the contract low
