SOFTS: October sugar closed up 25 points at 16.39 cents yesterday. Prices closed nearer the session high on short covering in a bear market. The key “outside markets” were in a bullish posture for sugar yesterday as the U.S. dollar index was lower and crude oil prices were firmer. The sugar bears till have the solid overall near-term technical advantage. Prices are in a seven-month-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at 16.75 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at last week’s low of 15.93 cents. First resistance is seen at yesterday’s high of 16.45 cents and then at this week’s high of 16.55 cents. First support is seen at 16.20 cents and then at this week’s low of 16.09 cents and then at 16.00 cents. Wyckoff’s Market Rating: 2.0.
September coffee closed up 320 points at 124.45 cents yesterday. Prices closed nearer the session high yesterday on short covering. The key “outside markets” were in a bullish posture for coffee yesterday as the U.S. dollar index was lower and crude oil prices were firmer. The coffee bears still have the overall near-term technical advantage. The next upside breakout objective for the bulls is to close prices above solid technical resistance at 128.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the July low of 118.60 cents a pound. First resistance is seen at this week’s high of 126.50 cents and then at 128.00 cents. First support is seen at 122.00 cents and then at this week’s low of 120.85 cents. Wyckoff’s Market Rating: 3.0
September cocoa closed down $18 at $2,342 a ton yesterday. Prices closed near mid-range the session low after hitting a fresh six-week high early on. Profit taking was featured.The cocoa bulls still have the overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at the June high of $2,384. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $2,260. First resistance is seen at $2,360 and then at $2,384. First support is seen at this week’s low of $2,324 and then at $2,300. Wyckoff’s Market Rating: 6.0
December cotton closed up 16 points at 85.90 cents yesterday. Prices closed nearer the session high again yesterday. Cotton bulls and bears are on a level near-term technical playing field amid continued choppy trading. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at the July high of 87.11 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at last week’s low of 83.58 cents. First resistance is seen at this week’s high of 86.55 cents and then at 87.11 cents. First support is seen at 85.00 cents and then at this week’s low of 84.60 cents. Wyckoff’s Market Rating: 5.0.
September orange juice closed steady at $1.4600 yesterday. Prices closed nearer the session high yesterday. Bulls have the near-term technical advantage. Prices are in a steep four-week-old uptrend on the daily bar chart. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at $1.5000. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.3800. First resistance is seen at yesterday’s high of $1.4690 and then at this week’s high of $1.4795. First support is seen at yesterday’s low of $1.4370 and then at this week’s low of $1.4145. Wyckoff’s Market Rating: 6.5.
September lumber futures closed up $2.70 at $320.70 yesterday. Prices closed nearer the session high on short covering. Bulls and bears are on a level near-term technical playing field. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $310.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $331.00. First resistance is seen at yesterday’s high of $322.00 and then at $325.70. First support is seen at yesterday’s low of $317.00 and then at $315.00. Wyckoff’s Market Rating: 5.0
