by Jim Wyckoff, Senior Analyst TraderPlanet.com
MARCH SUGAR
March sugar closed up 4 points at 9.75 cents today. Prices closed near mid-range in quieter trading. Bears still have the near-term technical advantage as prices are in a five-week-old downtrend from the October high. Bulls’ next upside price objective is to push and close prices above solid technical resistance at 10.00 cents. Bears’ next downside price objective is to push and close prices below solid technical support at the November low of 9.63 cents. First resistance is seen at 9.83 cents and then at 9.90 cents. First support is seen at today’s low of 9.71 cents and then at this week’s low of 9.66 cents.
Wyckoff’s Market Rating: 3.5.
MARCH COFFEE
March coffee closed up 55 points at 130.50 cents today. Prices closed near mid-range and did close at a bullish six-week high close today in quieter trading. Bulls still have some fresh upside technical momentum but need to show more power soon in order to keep it. Bulls’ next upside price objective is closing prices above solid technical resistance at the November high of 131.00 cents. The next downside price objective for the bears is closing prices below solid support at this week’s low of 127.60 cents a pound. First support is seen at 129.00 cents and then at 128.00 cents. First resistance is seen at 131.00 cents and then at 132.00 cents.
Wyckoff’s Market Rating: 6.0.
MARCH COCOA
March cocoa closed up $32 at $2,062 today. Prices closed nearer the session high and hit a fresh 4.5-month high today. Prices this week’s have seen a big and bullish upside “breakout” from a sideways trading range on the daily bar chart. Bulls have gained the solid near-term technical advantage. The bulls’ next upside price objective is to produce a close above resistance at $2,100. The next downside price objective for the bears is closing prices below solid support at $2,000. First resistance is seen at today’s high of $2,069 and then at $2,100. First support is seen at today’s low of $2,026 and then at $2,000.
Wyckoff’s Market Rating: 7.0.
MARCH COTTON
March cotton closed down 5 points at 63.40 cents today. Prices closed near the session low and closed at a fresh three-month low close today. Prices are in a steep four- week-old downtrend on the daily bar chart and the bears have the near-term technical advantage. Bulls’ next upside price objective is producing a close above solid resistance at 65.00 cents. The next downside price objective for the bears is to produce a close below strong technical support at the November low of 62.97 cents. First resistance is seen at 64.90 cents and then at today’s high of 64.42 cents. First support is seen at 62.97 cents and then at 62.50.
Wyckoff’s Market Rating: 4.0.
January orange juice closed up 155 points at $1.4000 today. Prices closed near the session high today and closed at a fresh six-week high close. Bulls are regaining some fresh upside technical momentum but prices are still stuck in a sideways trading range. The next upside technical objective for the bulls is to produce a close above solid chart resistance at the November high of $1.4300. The next downside price objective for the OJ bears is pushing and closing prices below solid support at $1.3500. First resistance is seen at today’s high of $1.4070 and then at $1.4195. First support is seen at today’s low of $1.3780 and then at $1.3600.
Wyckoff’s Market Rating: 6.0.
JANUARY LUMBER
January lumber futures closed down $2.70 at $245.90 today. Prices closed nearer the session low and hit a fresh contract low today. The bears still have the overall near- term technical advantage and have regained fresh downside power this week. The next upside technical objective for the lumber bulls is pushing prices above strong resistance at $250.00. The next downside price objective for the bears is pushing and closing prices below solid support at $240.00. First resistance is seen at today’s high of $248.50 and then at $250.00. First support is seen at today’s contract low of $244.60 and then at $242.50.
Wyckoff’s Market Rating: 1.0.
