by Jim Wyckoff, Senior Analyst, TraderPlanet.com
NOVEMBER SOYBEAN
November soybean prices Friday closed lower, near the session low and closed at a bearish weekly low close. Prices are in a three-month-old downtrend on the daily bar chart. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at last week’s high of $12.12 1/4 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at the September low of $11.99 1/2. First resistance for November soybeans is seen at $12.00 and then at last week’s high of $12.12 1/4. First support is seen at Friday’s low of $11.55 3/4 and then at $11.50.
16.36 3/4 — the contract high
11.62 3/4 — 10-day moving average
11.93 1/4 — 20-day moving average
12.38 1/4 — 40-day moving average
5.98 ——– the contract low
DECEMBER SOYBEAN MEAL
December soymeal prices Friday closed lower and near the session low and closed at a bearish weekly low close. Prices are still in a 10-week-old downtrend on the daily bar chart. The next upside price objective for the bulls is to produce a close above solid technical resistance at last week’s high of $336.20. The next downside price objective for the bears is pushing and closing prices below solid technical support at the August low of $311.20. First resistance comes in at $325.00 and then at Friday’s high of $332.10. First support is seen at Friday’s low of $319.10 and then at $311.20.
$431.90 — the contract high
$324.70 — 10-day moving average
$331.20 — 20-day moving average
$339.00 — 40-day moving average
$172.20 — the contract low
DECEMBER BEAN OIL
December bean oil prices Friday closed weaker, near the session low and closed at a bearish weekly low close. Bean oil prices are still in a three-month-old downtrend on the daily bar chart. Bears still have the near-term technical advantage. 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 50.79 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid technical support at 46.00 cents. First resistance is seen at Friday’s high of 48.50 cents and then at 49.00 cents. First support is seen at Friday’s low of 47.44 cents and then at last week’s low of 46.92 cents.
74.00 — the contract high
47.00 — 10-day moving average
48.47 — 20-day moving average
51.09 — 40-day moving average
23.28 — the contract low
DECEMBER CORN
December corn prices Friday closed lower, near the session low and closed at a bearish weekly low close. Prices are still trapped in a four-week-old sideways trading range on the daily bar chart, bound by solid resistance at $5.80 3/4 and solid support at the September low of $5.24. The direction in which prices “break out” of this trading range is likely to be the next significant near-term trend of the market. The bulls’ next upside price objective is to push and close prices above resistance at last week’s high of $5.74. The next downside price objective for the bears is to push and close prices below solid technical support at $5.24. First resistance for December corn is seen at $5.50 and then at $5.55. First support is seen at Friday’s low of $5.39 1/4 and then at last week’s low of $5.35 1/4.
7.99 1/4 — the contract high
5.50 1/4 — 10-day moving average
5.52 3/4 — 20-day moving average
5.60 1/2 — 40-day moving average
2.59 ——– the contract low
DECEMBER CBOT WHEAT
December Chicago wheat prices Friday closed lower, near the session low and closed at a bearish weekly low close. The wheat bears still have the near-term technical advantage and gained more downside momentum on Friday. Prices are still in a five-week-old downtrend on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below major psychological support at $7.00. Bulls’ next upside price objective is to push and close December futures prices above solid technical resistance at last week’s high of $7.60 a bushel. First resistance is seen at $7.25 and then at $7.41. First support lies at Friday’s low of $7.14 3/4 and then at $7.00.
12.84 1/4 — the contract high
7.22 1/2 — 10-day moving average
7.37 ——- 20-day moving average
7.91 1/4 — 40-day moving average
4.00 1/2 — the contract low
DECEMBER KCBT WHEAT
December Kansas City wheat prices Friday closed lower, near the session low and closed at a bearish weekly low close. Bears still have the near-term technical advantage and gained more downside momentum on Friday. Prices are still in a five-week-old downtrend on the daily bar chart. The bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the last “reaction high” of $7.92 a bushel. The bears’ next downside objective is pushing and closing prices below solid technical support at the September low of $7.30. First resistance is seen at $7.50 and then at Friday’s high of $7.58. First support is seen at Friday’s low of $7.45 and then at $7.30.
12.99 ——– the contract high
7.57 3/4 — 10-day moving average
7.75 1/4 — 20-day moving average
8.26 1/4 — 40-day moving average
4.88 ——– the contract low
