by Jim Wyckoff, Senior Analyst TraderPlanet.com
OCTOBER SUGAR
October sugar closed up 14 points at 14.13 cents yesterday. Prices yesterday closed nearer the session high and scored a mildly bullish “outside day” up on the daily bar chart yesterday. Firmer crude oil pricesdid provide mild support for sugar yesterday, but the stronger dollar did somewhat limit gains. The sugar bulls still have the near- term technical advantage. Bulls’ next upside price objective is to push and close prices above solid technical resistance at the August high of 14.69 cents. Bears’ next downside price objective is to push and close prices below solid technical support at 13.50 cents. First resistance is seen at last week’s high of 14.34 cents and then at 14.50 cents. First support is seen at 14.00 cents and then at yesterday’s low of 13.88 cents.
Wyckoff’s Market Rating: 6.5
DECEMBER COFFEE
December coffee closed up 475 points at 148.05 cents yesterday. Prices closed near the session high yesterday, hit a fresh seven-week high and scored a bullish “outside day” up on the daily bar chart yesterday. Bulls yesterday gained fresh upside technical momentum. The key “outside markets” were mixed yesterday–crudeoil priceswere higher which did provide more support for coffee futures. The U.S. dollar was stronger yesterday but did back off its overnight highs. Coffee bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 150.00 cents. The next downside price objective for the bears is closing prices below solid support at 142.00 cents a pound. First support is seen at 147.00 cents and then at 146.00 cents. First resistance is seen at yesterday’s high of 148.80 cents and then at 150.00 cents.
Wyckoff’s Market Rating: 6.0
DECEMBER COCOA
December cocoa closed up $50 at $2,918 yesterday. Prices closed near the session high and hit a fresh four-week high yesterday. Bulls have gained solid upside technical momentum recently. The next upside price objective for the cocoa bulls is to push and close prices above major psychological resistance at $3,000. The next downside price objective for the bears is closing prices below solid technical support at $2,800. First resistance is seen at yesterday’s high of $2,922 and then at $2,950. First support is seen at $2,900 and then at $2,875.
Wyckoff’s Market Rating: 7.0
DECEMBER COTTON
December cotton closed up 49 points at 69.61 cents yesterday. Prices closed near the session high on short covering. Cotton bears still have the near-term technical advantage. The next downside price objective for the bears is to produce a close below strong technical support at the August low of 66.79 cents. The next upside price objective for the bulls is to produce a close above solid chart resistance at 72.00 cents. First resistance is seen at 70.00 cents and then at this week’s high of 70.48 cents and then at 71.00 cents. First support is seen at yesterday’s low of 68.26 cents and then at this week’s low of 67.62 cents.
Wyckoff’s Market Rating: 4.0
NOVEMBER ORANGE JUICE
November orange juice closed up 445 points at $1.1345. Prices closed near mid-range yesterday and did hit a fresh five-week high on worries about hurricanes hitting Florida citrus areas as storms are brewing in the Atlantic. Bulls gained upside near-term technical momentum yesterday. The next downside technical objective for the FCOJ bears is to produce a close below solid technical support at this week’s low of $1.0725. The next upside price objective for the OJ bulls is pushing and closing prices above solid technical resistance at yesterday’s high of $1.1860. First resistance is seen at 1.1500 and then at $1.1650. First support is seen at $1.1120 and then at $1.1000.
Wyckoff’s Market Rating: 5.0
SEPTEMBER LUMBER
September lumber futures closed up $1.90 at $257.80 yesterday. Prices closed near the session high on tepid short covering. Bears have the near-term technical advantage. The next upside technical objective for the lumber bulls is pushing and closing prices above solid technical resistance at $263.00. The next downside price objective for the bears is pushing and closing prices below solid support at this week’s low of $252.00. First resistance is seen at yesterday’s high of $258.20 and then at $260.00. First support is seen at yesterday’s low of $255.70 and then at this week’s low of $252.00.
Wyckoff’s Market Rating: 3.0
