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Grain Market Analysis from Jim Wyckoff
Technical Analysis: Soy Complex, Grain Futures
By Jim Wyckoff
JANUARY SOYBEANS
January soybeans on Friday closed lower and nearer the session low. The next upside technical objective for the bulls is pushing and closing January prices above solid technical resistance at the October high of $10.29 1/4 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at last week's low of $9.62 a bushel. First resistance for November soybeans is seen at Friday's high of $9.89 3/4 and then at $10.00. First support is seen at Friday's low of $9.68 and then at $9.62.
$13.44 ------- the contract high
$9.90 3/4 ---- 10-day moving average
$9.75 -------- 20-day moving average
$9.52 3/4 ---- 40-day moving average
$7.97 -------- the contract low
$9.90 3/4 ---- 10-day moving average
$9.75 -------- 20-day moving average
$9.52 3/4 ---- 40-day moving average
$7.97 -------- the contract low
DECEMBER SOYBEAN MEAL
December soybean meal on Friday closed firmer and near mid-range. Meal bulls and bears are on a level near-term technical playing field. The next upside price objective for the bulls is to produce a close above solid technical resistance at $300.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at this week's low of $285.00. First resistance comes in at $300.00 and then at Friday's high of $301.50. First support is seen at $295.00 and then at $292.50.
$399.00 --- contract high
$296.00 --- 10-day moving average
$294.30 --- 20-day moving average
$288.70 --- 40-day moving average
$203.30 --- the contract low
$296.00 --- 10-day moving average
$294.30 --- 20-day moving average
$288.70 --- 40-day moving average
$203.30 --- the contract low
Source: VantagePoint Intermarket Analysis Software
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DECEMBER SOYBEAN OIL
December soybean oil on Friday closed lower, nearer the session low, hit a fresh two-week low and closed at a bearish weekly low close. Bean oil bears have regained the slight near-term technical advantage. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 38.00 cents. Bean oil bears' next downside technical price objective is pushing and closing prices below solid technical support at 35.00 cents. First resistance is seen at 37.00 cents and then at 37.25 cents. First support is seen at Friday's low of 36.22 cents and then at 36.00 cents.
70.00 --- the contract high
37.58 --- 10-day moving average
36.51 --- 20-day moving average
35.45 --- 40-day moving average
30.00 --- the contract low
37.58 --- 10-day moving average
36.51 --- 20-day moving average
35.45 --- 40-day moving average
30.00 --- the contract low
DECEMBER CORN
December corn on Friday closed lower, nearer the session low, hit a fresh three-week low, scored a bearish "outside day" down on the daily bar chart and closed at a bearish weekly low close. The corn market bears regained fresh downside near-term technical momentum Friday. Bulls' next upside price objective is to push and close prices above solid technical resistance at $3.88 3/4 a bushel. The next downside price objective for the bears is to push and close prices below solid technical support at $3.50 a bushel. First resistance for December corn is seen at $3.70 and then at $3.75. First support is seen at Friday's low of $3.63 and then at $3.60.
$7.07 -------- the contract high
$3.83 1/2 ---- 10-day moving average
$3.75 1/2 ---- 20-day moving average
$3.51 1/2 ---- 40-day moving average
$3.02 ------- the contract low
$3.83 1/2 ---- 10-day moving average
$3.75 1/2 ---- 20-day moving average
$3.51 1/2 ---- 40-day moving average
$3.02 ------- the contract low
DECEMBER CBOT WHEAT
December Chicago wheat on Friday closed lower, nearer the session low, hit a fresh three-week low and closed at a bearish weekly low close. Serious near-term chart damage has occurred to suggest that a near-term market top is in place in wheat. The bears have the near-term technical advantage. The next downside price objective for the bears is pushing and closing prices below solid technical support at $4.80. Bulls' next upside price objective is to push and close December futures prices above solid technical resistance at $5.29 a bushel. First resistance is seen at $5.00 and then at Friday's high of $5.09 1/4. First support lies at Friday's low of $4.88 and then at $4.80.
11.50 1/2 --- the contract high
$5.20 ------- 10-day moving average
$5.01 1/2 --- 20-day moving average
$4.80 1/4 --- 40-day moving average
$4.39 1/4 --- the contract low
$5.20 ------- 10-day moving average
$5.01 1/2 --- 20-day moving average
$4.80 1/4 --- 40-day moving average
$4.39 1/4 --- the contract low
DECEMBER KCBT WHEAT
December KCBT wheat on Friday closed lower, nearer the session low, hit a fresh three-week low and closed at a bearish weekly low close. Serious chart damage has occurred this week to suggest that a near-term market top is in place. Bears have the near-term technical advantage. Bulls' next upside price objective is pushing prices above solid technical resistance at $5.25. The bears' next downside objective is pushing and closing prices below solid technical support at $4.80. First resistance is seen at Friday's high of $5.06 1/2 and then at $5.15 1/2. First support is seen at Friday's low of $4.97 and then at $4.90.
$11.35 ------ the contract high
$5.25 1/2 --- 10-day moving average
$5.11 3/4 --- 20-day moving average
$4.92 3/4 --- 40-day moving average
$4.58 3/4 --- the contract low
Tags:$5.25 1/2 --- 10-day moving average
$5.11 3/4 --- 20-day moving average
$4.92 3/4 --- 40-day moving average
$4.58 3/4 --- the contract low
corn, soybeans, wheat, grains
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