SOFTS: March sugar closed down 45 points at 18.83 cents Thursday. Prices closed near the session low on heavy profit taking. The sugar bulls still have the near-term technical advantage but may now be exhausted and need to show fresh power soon. Prices are still in a two-month-old uptrend on the daily bar chart, but now just barely. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at last week’s high of 20.16 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at last week’s low of 18.55 cents. First resistance is seen at 19.00 cents and then at Thursday’s high of 19.22 cents. First support is seen at Thursday’s low of 18.80 cents and then at 18.55 cents. Wyckoff’s Market Rating: 6.0.
December coffee closed down 20 points at 110.35 cents Thursday. Prices closed nearer the session low and hit another contract low. The coffee bears have the solid overall near-term technical advantage. The next upside breakout objective for the bulls is to close prices above solid technical resistance at 115.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 105.00 cents a pound. First resistance is seen at Thursday’s high of 111.85 cents and then at 112.50 cents. First support is seen at Thursday’s contract low of 109.50 cents and then at 109.00 cents. Wyckoff’s Market Rating: 1.0
December cocoa closed down $31 at $2,683 a ton Thursday. Prices closed near the session low on profit taking and hit a fresh two-week low. The cocoa bulls still have the overall near-term technical advantage, but are fading. A bearish broadening pattern has formed 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 this week’s high of $2,780. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $2,650. First resistance is seen at $2,700 and then at Thursday’s high of $2,719. First support is seen at Thursday’s low of $2,680 and then at $2,657. Wyckoff’s Market Rating: 7.0
December cotton closed down 139 points at 79.30 cents Thursday. Prices closed nearer the session low and hit a fresh nine-month low Thursday. Cotton bears have the solid near-term technical advantage and gained more power Thursday. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at 82.00 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at 77.50 cents. First resistance is seen at 80.00 cents and then at Thursday’s high of 80.85 cents. First support is seen at Thursday’s low of 78.76 cents and then at 78.00 cents. Wyckoff’s Market Rating: 1.0.
November orange juice closed down 10 points at $1.2070 Thursday. Prices closed near the session low. The bears have the solid overall near-term technical advantage. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at $1.2500. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.1500. First resistance is seen at this week’s high of $1.2270 and then at $1.2500. First support is seen at $1.2000 and then at 1.1900. Wyckoff’s Market Rating: 2.0.
November lumber futures closed up $1.20 at $351.40 Thursday. Bulls have the near-term technical advantage. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $337.50. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at the September high of $363.00. First resistance is seen at $353.60 and then at $355.00. First support is seen at $350.00 and then at $348.00. Wyckoff’s Market Rating: 7.0
