SOFTS: July sugar closed up 36 points at 17.98 cents today. Prices closed nearer the session high today and hit a three-week high on more short covering and bargain hunting. A six-week-old downtrend on the daily bar chart was negated today. Sugar bulls and bears are now back on a level near-term technical playing field. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at the late-March high of 18.42 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at this week’s low of 17.18 cents. First resistance is seen at today’s high of 18.03 cents and then at 18.15 cents. First support is seen at 17.80 cents and then at 17.70 cents. Wyckoff’s Market Rating: 5.0
July coffee closed up 55 points at 213.95 cents today. Prices closed nearer the session low today and hit a fresh contract high. Nearby futures hit a two-year high. Bulls have gained good upside technical momentum as prices have this week seen a “breakout” from the recent trading range. The bulls 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 225.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 200.00 cents a pound. First resistance is seen at today’s contract high of 219.00 cents and then at 220.00 cents. First support is seen at 211.50 cents and then at 210.00 cents. Wyckoff’s Market Rating: 8.5
July cocoa closed up $5 at $3,011 a ton today. Prices closed near mid-range. Cocoa bulls have the overall near-term technical advantage. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at the March high of $3,047. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the April low of $2,922. First resistance is seen at this week’s high of $3,031 and then at the April high of $3,036. First support is seen at today’s low of $2,990 and then at $2,975. Wyckoff’s Market Rating: 7.5
July cotton closed down 61 points at 92.64 cents today. Prices closed nearer the session high today. The bulls have the near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at 94.66 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at the April low of 90.02 cents. First resistance is seen at this week’s high of 93.49 cents and then at 94.00 cents. First support is seen at 92.00 cents and then at 91.50 cents. Wyckoff’s Market Rating: 6.0
July orange juice closed up 310 points at $1.6585 today. Prices closed near mid-range today and hit a contract high. The FCOJ bulls have the solid near-term technical advantage. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at $1.7000. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.6000. First resistance is seen at today’s contract high of $1.6800 and then at $1.7000. First support is seen at $1.6400 and then at today’s low of $1.6275. Wyckoff’s Market Rating: 8.5
May lumber futures closed down $3.70 at $331.60 today. Prices closed near mid-range today. Bears 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 the April low of $321.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at the April high of $345.80. First resistance is seen at $335.00 and then at this week’s high of $338.00. First support is seen at $330.00 and then at today’s low of $327.00. Wyckoff’s Market Rating: 1.5
