Softs

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July sugar closed down 20 points at 15.74 cents yesterday. Prices closed near mid-range and were pressured by profit taking. Also, the key "outside markets" were mostly bearish for the sugar market yesterday, as the U.S. stock indexes were weaker and the U.S. dollar was stronger. Sugar bulls still 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 seven-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 14.90 cents. First resistance is seen at yesterday's high of 15.93 cents and then at the contract high of 16.05 cents. First support is seen at yesterday's low of 15.51 cents and then at 15.25 cents.

Wyckoff's Market Rating: 7.5

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Source: VantagePoint Intermarket Analysis Software

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July coffee closed down 125 points at 135.20 cents yesterday. Prices closed near the session low yesterday on profit taking after hitting a fresh seven-month high early on. The key "outside markets" were mostly bearish for the coffee market yesterday, as the U.S. stock indexes were weaker and the U.S. dollar was stronger. The coffee bulls still have the solid near-term technical advantage. Coffee bulls' next upside price objective is pushing and closing prices above solid technical resistance at 145.00 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 133.00 cents and then at 132.50 cents. First resistance is seen at 136.00 cents and then at yesterday's high of 137.80 cents.

Wyckoff's Market Rating: 7.5

July cocoa closed up $96 at $2,510 yesterday. Prices closed nearer the session high yesterday and hit a fresh six-week high on short covering and fresh speculative buying. Cocoa bulls yesterday gained fresh upside near-term technical momentum. A seven-week-old downtrend on the daily bar chart was negated yesterday. The next upside price objective for the cocoa bulls is to push and close prices above solid technical resistance at $2,600. The next downside price objective for the bears is pushing and closing prices below solid technical support at this week's low of $2,380. First resistance is seen at yesterday's high of $2,530 and then at $2,550. First support is seen at $2,500 and then at $2,475.

Wyckoff's Market Rating: 6.0

July cotton closed up 52 points at 55.58 cents yesterday. Prices closed nearer the session high yesterday on short covering after recent solid losses. Prices this week have seen a bearish downside "breakout" from a congestion area on the daily chart. The next downside price objective for the bears is to produce a close below technical support at 52.00 cents. The next upside price objective for the bulls is to produce a close above solid technical resistance at 57.50 cents. First resistance is seen at 56.00 cents and then at 56.50 cents. First support is seen at 55.00 cents and then at this week's low of 54.51 cents.

Wyckoff's Market Rating: 5.0

July orange juice closed up 150 points at $.9400. Prices closed nearer the session high yesterday and hit a fresh two- week high. FCOJ bulls still have the near-term technical advantage. The next downside technical objective for the FCOJ bears is to produce a close below solid technical support at last week's low of $.8720. The next upside price objective for the OJ bulls is pushing prices above solid technical resistance at the May high of $.9550. First resistance is seen at yesterday's high of $.9495 and then at $.9550. First support is seen at $.9300 and then at yesterday's low of $.9190.

Wyckoff's Market Rating: 7.0

July lumber futures closed up the $10.00 limit at $178.20 yesterday. Short covering and fresh bottom-picking speculative buying was featured yesterday. Bears still have the overall near-term technical advantage. The next upside technical objective for the lumber bulls is pushing and closing prices above solid technical resistance at $190.00. The next downside price objective for the bears is pushing and closing prices below solid support at yesterday's low of $173.70. First resistance is seen at the May high of $188.00 and then at $190.00. First support is seen at $182.50 and then at $180.00.

Wyckoff's Market Rating: 4.0

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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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