JimWyckoff's Commentaries
Feb
1
2010
Grain Market Analysis
by JimWyckoff
Overall Rating:
March soybeans on Friday closed lower, nearer the session low, hit another fresh 3.5-month low and closed at a bearish weekly and monthly low close. Serious technical damage has been inflicted in soybeans recently, including more on Friday. Prices are in a steep four-week-old downtrend on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below major psychological support at $9.00. The next upside technical objective for the bulls is pushing and closing March prices above solid technical resistance at $9.50. First resistance for March soybeans is seen at $9.25 and then at Friday's high of $9.36 3/4. First support is seen at Friday's low of $9.13 3/4 and then at $9.00.
$15.60 ------- the contract high
$9.45 3/4 ---- 10-day moving average
$9.84 3/4 ---- 20-day moving average
$10.11 3/4 --- 40-day moving average
$8.05 -------- the contract low
$9.45 3/4 ---- 10-day moving average
$9.84 3/4 ---- 20-day moving average
$10.11 3/4 --- 40-day moving average
$8.05 -------- the contract low
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March soybean meal on Friday closed solidly lower, near the session low, hit a fresh 3.5-month low and closed at a bearish weekly and monthly low close. Prices are in a steep four-week-old downtrend on the daily bar chart. Serious near-term chart damage has been inflicted in meal recently, including more on Friday. Bears have the solid near-term technical advantage. The next downside price objective for the bears is pushing and closing prices below solid technical support at the October low of $262.00. The next upside price objective for the bulls is to produce a close above solid technical resistance at last week's high of $287.80. First resistance comes in at $275.00 and then at $278.20. First support is seen at Friday's low of $273.70 and then at $272.50.
$395.00 --- contract high
$285.00 --- 10-day moving average
$292.30 --- 20-day moving average
$298.30 --- 40-day moving average
$234.20 --- the contract low
$285.00 --- 10-day moving average
$292.30 --- 20-day moving average
$298.30 --- 40-day moving average
$234.20 --- the contract low
March soybean oil on Friday closed steady and nearer the session low. Prices were one tick away from posting a bearish weekly and monthly low close. Serious near-term chart damage has occurred in bean oil recently. Bears have the solid near-term technical advantage. Prices are still in a four-week-old downtrend on the daily bar chart. Bean oil bears' next downside technical price objective is pushing and closing prices below solid technical support at 35.00 cents. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 37.98 cents. First resistance is seen at Friday's high of 36.53 cents and then at 36.71 cents. First support is seen at Friday's low of 36.00 cents and then at last week's low of 35.82 cents.
69.15 --- the contract high
36.69 --- 10-day moving average
38.35 --- 20-day moving average
39.08 --- 40-day moving average
30.90 --- the contract low
36.69 --- 10-day moving average
38.35 --- 20-day moving average
39.08 --- 40-day moving average
30.90 --- the contract low
March corn on Friday closed lower, and nearer the session low, hit another fresh 3.5-month low and closed at a bearish weekly and monthly low close. Bears have the solid near-term technical advantage in corn, and gained more downside momentum on Friday. The next downside price objective for the bears is to push and close prices below solid technical support at $3.50 a bushel. Bulls' next upside price objective is to push prices above solid technical resistance at $3.73 a bushel. First resistance for March corn is seen at $3.60 and then at Friday's high of $3.63 1/2. First support is seen at Friday's low of $3.55 1/4 and then at $3.50.
$7.12 1/4 ---- the contract high
$3.65 1/4----- 10-day moving average
$3.87 1/4 ---- 20-day moving average
$3.94 1/4 ---- 40-day moving average
$3.15 1/2 ---- the contract low
$3.65 1/4----- 10-day moving average
$3.87 1/4 ---- 20-day moving average
$3.94 1/4 ---- 40-day moving average
$3.15 1/2 ---- the contract low
March Chicago wheat on Friday closed lower, near the session low, hit a fresh four-month low and closed at a bearish weekly and monthly low close.Serious near-term technical damage has been inflicted in wheat recently, including more on Friday. The next downside price objective for the bears is pushing and closing prices below solid technical support at the October low of $4.59. Bulls' next upside price objective is to push and close March futures prices above solid technical resistance at last week's high of $5.04 a bushel. First resistance is seen at $4.80 and then at $4.91 1/2. First support lies at Friday's low of $4.73 and then at $4.70.
10.29 1/4 --- the contract high
$4.94 1/4 --- 10-day moving average
$5.23 1/4 --- 20-day moving average1
$5.31 1/2 --- 40-day moving average
$4.59 ------- the contract low
$4.94 1/4 --- 10-day moving average
$5.23 1/4 --- 20-day moving average1
$5.31 1/2 --- 40-day moving average
$4.59 ------- the contract low
March KCBT wheat on Friday closed lower, near the session low, hit a fresh four-month low and closed at a bearish weekly and monthly low close. Serious near-term chart damage has occurred recently, including more on Friday. Bears have the solid near-term technical advantage. Bulls' next upside price objective is pushing and closing prices above solid technical resistance at last week's high of $5.06 1/2. The bears' next downside objective is pushing and closing prices below solid technical support at the October low of $4.75 1/4. First resistance is seen at Friday's high of $4.95 and then at $5.00. First support is seen at Friday's low of $4.86 and then at $4.80.
$10.08 1/2 --- the contract high
$5.00 ------- 10-day moving average
$5.23 1/2 --- 20-day moving average
$5.28 1/4 --- 40-day moving average
$4.75 1/2 --- the contract low
$5.00 ------- 10-day moving average
$5.23 1/2 --- 20-day moving average
$5.28 1/4 --- 40-day moving average
$4.75 1/2 --- the contract low
Tags: corn | soybeans | wheat | grains | futures
