by Jim Wyckoff, Senior Analyst, TraderPlanet.com
JANUARY SOYBEAN
January soybean prices Friday closed lower and nearer the session low and scored a bearish “outside day” down on the daily bar chart. Prices are still in a 3.5-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 $9.55 1/2 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at the October low of $8.38 1/2. First resistance for January soybeans is seen at $9.00 and then at Friday’s high of $9.25. First support is seen at Friday’s low of
$8.48 and then at $8.38 1/2.
16.48 ——- the contract high
8.99 ——– 10-day moving average
9.52 1/4 — 20-day moving average
10.80 3/4 — 40-day moving average
7.90 1/4 —– the contract low
DECEMBER SOYBEAN MEAL
December soymeal prices Friday closed slightly lower and near mid-range. Bears still have the near-term technical advantage. Prices are still in a 3.5-month-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 $280.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week’s low of $251.30. First resistance comes in at $270.00 and then at $275.00. First support is seen at $260.00 and then at Friday’s low of $258.30.
$431.90 — contract high
$258.60 — 10-day moving average
$265.50 — 20-day moving average
$298.40 — 40-day moving average
$172.20 — the contract low
DECEMBER SOYBEAN OIL
December bean oil prices Friday closed sharply lower, near the session low, at a bearish weekly low close and hit another fresh 19-month low. Bean oil prices are still in a four-month-old downtrend on the daily bar chart. Bears still have the strong near-term technical advantage. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 36.00 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid technical support at 30.00 cents. First resistance is seen at 32.00 cents and then at 32.40 cents. First support is seen at Friday’s low of 30.65 cents and then at 30.00 cents.
74.00 — the contract high
35.47 — 10-day moving average
38.58 — 20-day moving average
43.53 — 40-day moving average
23.28 — the contract low
DECEMBER CORN
December corn prices Friday closed lower and near the session low and closed at a bearish weekly low close. Prices also closed at the lowest closing level in 21 months. Corn prices are also still in a 16-week-old downtrend on the daily bar chart. The next downside price objective for the bears is to push and close prices below solid technical support at the October low of $3.71. The bulls’ next upside price objective is to push and close prices above major psychological resistance at $4.00. First resistance for December corn is seen at $3.80 and then at $3.90. First support is seen at $3.71 and then at $3.60.
7.99 1/4 — the contract high
3.97 3/4 — 10-day moving average
4.24 1/4 — 20-day moving average
4.88 1/2 — 40-day moving average
2.59 ——– the contract low
DECEMBER CBOT WHEAT
December Chicago wheat prices Friday closed lower and near mid-range and closed at a bearish weekly low close. Prices also scored a bearish “outside day” down on the daily bar chart. Prices also hit a fresh 17-month low. The wheat bears still have the near-term technical advantage. Prices are still in a six-month-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 $5.00. Bulls’ next upside price objective is to push and close December futures prices above solid technical resistance at $5.50 a bushel. First resistance is seen at Friday’s high of $5.39 1/2 and then at $5.50. First support lies at $5.00 and then at Friday’s low of $4.96 1/2.
12.84 1/4 — the contract high
5.50 3/4 — 10-day moving average
5.88 3/4 — 20-day moving average
6.63 ——- 40-day moving average
4.00 1/2 — the contract low
DECEMBER KCBT WHEAT
December Kansas City wheat prices Friday closed lower and near mid-range. Prices also closed at a bearish weekly low close and hit a fresh 17-month low. The bears still have the near-term technical advantage. Prices are still in a 6.5-month-old downtrend on the daily bar chart. The bulls’ next upside price objective is pushing and closing prices above major psychological resistance at $6.00 a bushel. The bears’ next downside objective is pushing and closing prices below major psychological support at $5.00. First resistance is seen at Friday’s high of $5.57 and then at $5.79. First support is seen at Friday’s low of $5.33 and then at $5.00.
12.99 ——– the contract high
5.84 1/4 — 10-day moving average
6.22 1/2 — 20-day moving average
6.98 3/4 — 40-day moving average
4.88 ——– the contract low
