by Jim Wyckoff, SeniorAnalyst TraderPlanet.com
OCTOBER SUGAR
October sugar closed down 4 points at 13.63 cents today. Prices today closed nearer the session low as trading has turned choppy. Prices are in a three-week-old downtrending channel on the daily bar chart. The sugar bulls still have the slight near-term technical advantage. Bulls’ next upside price objective is to push and close prices above psychological resistance at 14.00 cents. Bears’ next downside price objective is to push and close prices below solid technical support at 13.00 cents. First resistance is seen at 13.76 cents and then at today’s high of 13.95 cents. First support is seen at today’s low of 13.48 cents and then at 13.25 cents.
Wyckoff’s Market Rating: 5.5
SEPTEMBER COFFEE
September coffee closed up 220 points at 136.15 cents today. Prices closed nearer the session high today on more short covering and bargain-hunting buying amid a weaker U.S. dollar that was also supportive for coffee bulls. Coffee bears still have the slight near-term technical advantage. Coffee bulls’ next upside price objective is pushing and closing prices above solid technical resistance at last week’s high of 140.10 cents. The next downside price objective for the bears is closing prices below solid support at last week’s low 131.20 cents a pound. First support is seen at 135.00 cents and then at 134.00 cents. First resistance is seen at today’s high of 137.70 cents and then at 139.00 cents.
Wyckoff’s Market Rating: 4.5
SEPTEMBER COCOA
September cocoa closed up $72 at $2,681 today. Prices closed nearer the session high today after hitting a fresh 3.5-month low early on today. Prices also scored a bullish “outside day” up on the daily bar chart today. Short covering and bargain-hunting buying were featured today amid a weaker U.S. dollar. Bears do still have the slight near-term technical advantage. Prices are still in a seven- week-old downtrend on the daily bar chart. The next upside price objective for the cocoa bulls is to push and close prices above solid technical resistance at last week’s high of $2,744. The next downside price objective for the bears is closing prices below solid technical support at today’s low of $2,540. First resistance is seen at today’s high of $2,708 and then at $2,744. First support is seen at $2,650 and then at $2,600.
Wyckoff’s Market Rating: 4.5
DECEMBER COTTON
December cotton closed down 34 points at 67.03 cents today. Prices closed near the session low and closed at a fresh 12-month low close today. Cotton bears have the near-term technical advantage. The next downside price objective for the bears is to produce a close below strong technical support at 65.00 cents. The next upside price objective for the bulls is to produce a close above solid chart resistance at 70.00 cents. First resistance is seen at 68.00 cents and then at this week’s high of 68.42 cents. First support is seen at this week’s low of 67.00 cents and then at 66.50 cents.
Wyckoff’s Market Rating: 2.5
SEPTEMBER ORANGE JUICE
September orange juice closed down 360 points at $1.0130. Prices closed nearer the session low today. Bears still have the overall near-term technical advantage and gained fresh downside technical momentum today. The next downside technical objective for the FCOJ bears is to produce a close below solid technical support at the contract low of $.9610. The next upside price objective for the OJ bulls is pushing and closing prices above solid technical resistance at this week’s high of $1.0765. First resistance is seen at 1.0300 and then at today’s high of $1.0470. First support is seen at today’s low of $1.0000 and then at $.9900.
Wyckoff’s Market Rating: 2.0
SEPTEMBER LUMBER
September lumber futures closed up $2.50 at $268.20 today. Prices closed near the session high and scored a bullish “outside day” up on the daily bar chart. The bulls still have some upside technical momentum to suggest that a market low is in place. The next upside technical objective for the lumber bulls is pushing and closing prices above solid technical resistance at last week’s high of $269.70. The next downside price objective for the bears is pushing and closing prices below solid support at $261.50. First resistance is seen at today’s high of $268.60 and then at $269.70. First support is seen at $265.00 and then at today’s low of $262.90.
Wyckoff’s Market Rating: 5.5
