March sugar closed up 13 points at 19.28 cents yesterday. Prices closed near mid-range yesterday and saw short covering in a bear market. The firmer U.S. dollar index yesterday did add selling pressure to sugar. Sugar bears have the solid overall near-term technical advantage. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at the November high of 20.03 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at the November low of 18.66 cents. First resistance is seen at yesterday’s high of 19.47 cents and then at 19.64 cents. First support is seen at this week’s low of 19.04 cents and then at 18.91 cents. Wyckoff’s Market Rating: 1.5.
March coffee closed down 30 points at 148.60 cents. Prices closed near the session low yesterday and closed at a fresh 22-month low close. The U.S. dollar index was firmer yesterday and that limited buying interest in coffee. Coffee bears have the solid overall near-term technical advantage. Prices are in a seven-week-old downtrend on the daily bar chart. The next upside breakout objective for the bulls is to close prices above solid technical resistance at last week’s high of 157.80 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 140.00 cents a pound. First resistance is seen at 150.00 cents and then at this week’s high of 151.45 cents. First support is seen at this week’s low of 147.60 cents and then at 145.00 cents. Wyckoff’s Market Rating: 1.0.
March cocoa closed down $26 at $2,452 a ton. Prices closed nearer the session low yesterday. The U.S. dollar index was firmer and that helped to pressure cocoa yesterday. The cocoa bulls and bears are now back on a level near-term technical playing field. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at the October high of $2,531. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the November low of $2,322. First resistance is seen at $2,475 and then at $2,500. First support is seen at yesterday’s low of $2,430 and then at $2,400. Wyckoff’s Market Rating: 5.0
March cotton closed down 30 points at 72.32 cents yesterday. Prices closed near the session low yesterday. Trading has turned choppy recently. Cotton bears still have the overall near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at 75.00 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at the November low of 69.79 cents. First resistance is seen at last week’s high of 73.15 cents and then at 74.00 cents. First support is seen at 72.00 cents and then at last week’s low of 71.28 cents. Wyckoff’s Market Rating: 3.5.
January orange juice closed down 295 points at $1.2450 yesterday. Prices closed near the session low yesterday on profit taking from recent solid gains. Prices Monday hit a 2.5-month high. The frost season for citrus regions in the southeastern U.S. is approaching, which is prompting speculative buying in FCOJ. FCOJ bulls still have the overall near-term technical advantage. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at the September high of $1.3010. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at last week’s low of $1.1430. First resistance is seen at $1.2700 and then at $1.2800. First support is seen at $1.2400 and then at $1.2200. Wyckoff’s Market Rating: 6.0.
January lumber futures closed up the $10.00 limit at $329.10 yesterday. Some better U.S. economic data helped to fuel the lumber bulls yesterday. Bulls still have the solid overall near-term technical advantage. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at last week’s low of $317.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at the contract high of $335.00. First resistance is seen at $335.00 and then at $337.50. First support is seen at $325.00 and then at $323.00. Wyckoff’s Market Rating: 8.0
