by Jim Wyckoff, Senior Editor, TraderPlanet.com
NOVEMBER SOYBEAN
November soybean prices Friday closed lower and near the session low, closed at a bearish weekly low close and hit a fresh 10.5-month low. Bearish “outside markets”–lower crude oil prices and a stronger U.S. dollar–did pressure beans again Friday. Serious near-term chart damage has been inflicted recently. Prices are still in a three-month-old downtrend on the daily bar chart. However, the market is still short-term oversold and due for an upside corrective bounce very soon. The next upside price objective for the bean bulls is to push and close prices above solid technical resistance at the April low of $10.45 1/4 a bushel. The next downside price objective for the bears is pushing and closing prices below solid technical support at $9.50. First resistance for November soybeans is seen at $10.00 and then at Friday’s high of $10.23 3/4. First support is seen at Friday’s low of $9.91 1/4 and then at $9.75.
16.36 3/4 — the contract high
11.11 1/2 — 10-day moving average
11.38 1/4 — 20-day moving average
12.08 ——– 40-day moving average
5.98 ——– the contract low
DECEMBER SOYMEAL
December soymeal prices Friday closed lower and nearer the session low and closed at a bearish weekly low close and six-month low close. Serious near-term chart damage has been inflicted in meal recently. Prices are in a three-month-old downtrend on the daily bar chart. However, the market is still short-term oversold and due for a corrective bounce very soon. The next upside price objective for the bulls is to produce a close above solid technical resistance at $290.00. The next downside price objective for the bears is pushing and closing prices below solid technical support at the April low of $268.00. First resistance comes in at $275.00 and then at Friday’s high of $278.60. First support is seen at $268.00 and then at $265.00.
$431.90 — the contract high
$305.70 — 10-day moving average
$315.80 — 20-day moving average
$331.70 — 40-day moving average
$172.20 — the contract low
DECEMBER SOYBEAN OIL
December bean oil prices Friday closed lower and near the session low, hit a fresh 11-month low and closed at a bearish weekly low close. Bean oil prices are still in a 3.5-month-old downtrend on the daily bar chart. Bears still have the near-term technical advantage. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at 46.00 cents. Bean oil bears’ next downside technical price objective is pushing and closing prices below solid technical support at 40.00 cents. First resistance is seen at 43.00 cents and then at Friday’s high of 43.77 cents. First support is seen at Friday’s low of 42.50 cents and then at 42.00 cents.
74.00 — the contract high
46.30 — 10-day moving average
46.61 — 20-day moving average
49.77 — 40-day moving average
23.28 — the contract low
DECEMBER CORN
December corn prices Friday closed steady and near the session low and hit a fresh nine-month low. Bearish “outside markets”–lower crude oil prices and a stronger U.S. dollar–helped to pressure corn Friday. Serious near-term chart damage has been inflicted in corn recently. However, the market is still short-term oversold, technically, and due for a corrective bounce soon. The next downside price objective for the bears is to push and close prices below solid technical support at $4.50. The bulls’ next upside price objective is to push and close prices above resistance at the August low of $5.04 1/2. First resistance for December corn is seen at $4.60 and then at Friday’s high of $4.68 1/2. First support is seen at Friday’s low of $4.53 and then at $4.50.
7.99 1/4 — the contract high
5.17 1/2 — 10-day moving average
5.31 ——– 20-day moving average
5.51 1/2 — 40-day moving average
2.59 ——– the contract low
DECEMBER CBOT WHEAT
December Chicago wheat prices Friday closed firmer and near mid-range. Bearish “outside markets”–lower crude oil prices and a stronger U.S. dollar–limited the upside in wheat Friday. Serious chart damage has been inflicted recently. The wheat bears have the solid near-term technical advantage. Prices are still in a six-month-old downtrend on the daily bar chart. The next downside price objective for the bears is pushing and closing prices below psychological support at $6.00. Bulls’ next upside price objective is to push and close December futures prices above major psychological resistance at $7.00 a bushel. First resistance is seen at $6.50 and then at Friday’s high of $6.54 1/4. First support lies at last week’s low of $6.31 and then at $6.25.
12.84 1/4 — the contract high
6.96 1/2 — 10-day moving average
7.08 1/4 — 20-day moving average
7.72 1/2 — 40-day moving average
4.00 1/2 — the contract low
DECEMBER KCBT WHEAT
December Kansas City wheat prices Friday closed firmer and near the session low. Bears still have the solid near-term technical advantage. Prices are in a 6.5-month-old downtrend on the daily bar chart. The bulls’ next upside price objective is pushing and closing prices above solid technical resistance at Thursday’s high of $7.00 a bushel. The bears’ next downside objective is pushing and closing prices below solid technical support at $6.50. First resistance is seen at Friday’s high of $6.86 and then at $7.00. First support is seen at last week’s low of $6.68 and then at $6.50.
12.99 ——– the contract high
7.28 3/4 — 10-day moving average
7.44 ——– 20-day moving average
8.08 ——- 40-day moving average
4.88 ——– the contract low
