Softs

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July sugar closed up 2 points at 15.63 cents yesterday. Prices closed near mid-range yesterday. Sugar bulls have the near-term technical advantage. There are still no early technical clues that a market top is close at hand. Prices are still in a five-week-old uptrend on the daily bar chart. Bulls' next upside price objective is to push and close prices above technical resistance at 17.00 cents. Bears' next downside price objective is to push and close prices below solid technical support at last week's low of 14.90 cents. First resistance is seen at yesterday's high of 15.91 cents and then at the May high of 16.03 cents. First support is seen at 15.50 cents and then at yesterday's low of 15.37 cents.

Wyckoff's Market Rating: 7.0

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Source: VantagePoint Intermarket Analysis Software

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July coffee closed up 280 points at 132.20 cents yesterday. Prices closed near the session high yesterday and hit a fresh seven-month high. The bulls have the solid near-term technical advantage and gained more power yesterday. Coffee bulls' next upside price objective is pushing and closing prices above solid technical resistance at 140.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 125.85 cents a pound. First support is seen at 130.75 cents and then at 130.00 cents. First resistance is seen at yesterday's high of 132.45 cents and then at 134.00 cents.

Wyckoff's Market Rating: 7.0

July cocoa closed up $2 at $2,299 yesterday. Prices closed near the session low yesterday. Cocoa bears have the near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. The next upside price objective for the cocoa bulls is to push and close prices above solid technical resistance at the May high of $2,519. The next downside price objective for the bears is pushing and closing prices below solid technical support at the March low of $2,175. First resistance is seen at yesterday's high of $2,337 and then at this week's high of $2,354. First support is seen at this week's low of $2,292 and then at last week's low of $2,262.

Wyckoff's Market Rating: 3.0

July cotton closed down 133 points at 56.22 cents yesterday. Prices closed nearer the session low yesterday. Bulls are fading and need to show fresh power soon. The next downside price objective for the bears is to produce a close below technical support at 54.00 cents. The next upside price objective for the bulls is to produce a close above solid technical resistance at 60.00 cents. First resistance is seen at 57.00 cents and then at 57.50 cents. First support is seen at yesterday's low of 55.78 cents and then at this week's low of 55.52 cents.

Wyckoff's Market Rating: 5.0

July orange juice closed down 130 points at $.9110. Prices closed near mid-range yesterday. More profit-taking pressure from recent gains was featured yesterday. No serious chart damage has occurred but the bulls are fading and need to show fresh power soon. FCOJ bulls still have the slight near-term technical advantage. The next downside technical objective for the FCOJ bears is to produce a close below solid technical support at this week's low of $.8720. The next upside price objective for the OJ bulls is pushing prices above solid technical resistance at last week's high of $.9550. First resistance is seen at this week's high of $.9285 and then at $.9360. First support is seen at $.9000 and then at $.8950.

Wyckoff's Market Rating: 5.5

July lumber futures closed don $3.40 at $177.80 yesterday. Prices gapped lower on the daily bar chart and closed nearer the session high. Bears still have the near-term technical advantage. The next upside technical objective for the lumber bulls is pushing and closing prices above solid technical resistance at the May high of $188.00. The next downside price objective for the bears is pushing and closing prices below solid support at the May low of $169.00. First resistance is seen at $178.90 and then at $180.00. First support is seen at yesterday's low of $175.40 and then at $174.00.

Wyckoff's Market Rating: 2.5

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About the Author

Jim Wyckoff has been involved with the stock, financial and futures markets for more than 20 years. He was born and raised in Iowa, where he still resides.

Wyckoff became a financial journalist with Futures World News for many years, cutting his teeth as a reporter on the futures trading floors in Chicago and New York, where he covered every futures market traded in the United States at one time or another.

Not long after he began his career in financial journalism, he began studying technical analysis. By studying chart patterns and other technical indicators, he realized this approach to analyzing and trading markets could level the playing field between “professional insiders” in the markets and individual traders.

His extensive studies of technical analysis and knowledge of markets led to several positions, including chief technical analyst at several well-known companies. He says his mission is not just to generate profits for traders but to also provide them with educational and insightful information because, in the fascinating business of trading, one never stops learning.

Wyckoff received a Bachelor of Science degree at Iowa State University, graduating in 1984 with a major in journalism and a minor in economics. He and his wife have two children, a son in high school and a daughter in college.

When he’s not analyzing markets and educating traders, Wyckoff says he loves adventures, from driving a Jeep across the highest mountain pass in the continental United States to extreme winter camping in the Boundary Waters to hiking in the jungles of South America.

JimWyckoff

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