by Jim Wyckoff, Senior Analyst TraderPlanet.com
JANUARY SOYBEANS
January soybean prices Friday closed higher and near mid-range. Higher “outside markets” Friday were supportive to soybeans. Bulls still have the near-term technical advantage. The next upside price objective for the bulls is to push and close prices above solid technical resistance at the contract high of $10.33 1/2. The next downside price objective for the bears is closing prices below solid support at last week’s low of $9.94. First resistance for January soybeans is seen at Friday’s high of $10.25 1/2 and then at $10.23 1/2. First support is seen at Friday’s low $10.08 1/2 and then at $10.00.
10.33 1/2 — the contract high
10.10 ——– 10-day moving average
10.00 ——– 20-day moving average
9.90 ——— 40-day moving average
6.02 ——– the contract low
DECEMBER SOYBEAN MEAL
CBOT December soymeal prices Friday closed higher but nearer the session low. The meal market is still in a choppy in a sideways trading range. The bulls would gain fresh upside technical momentum by producing an upside breakout from the trading range, meaning pushing and closing prices above solid resistance at $283.50. The next downside price objective for the bears is closing prices below solid support at $270.00, which could be the beginning of a bearish downside breakout from the trading range.First resistance comes in at $275.00 and then at Friday’s high of $277.50. First support is seen at last week’s low of $271.50 and then at $270.00.
$293.00 — the contract high
276.40 — 10-day moving average
275.60 — 20-day moving average
273.50 — 40-day moving average
172.00 — the contract low
DECEMBER SOYBEAN OIL
December bean oil prices Friday closed higher and near the session high. Prices closed at a bullish weekly high close and hit a fresh contract high. The bean oil bulls still have the solid near-term technical advantage. The next upside price objective for the bulls is pushing prices above solid technical resistance at 43.00 cents. Bears’ next downside technical price objective is pushing and closing prices below solid support at last week’s low of 41.65 cents. First resistance is seen at Friday’s contract high of 42.75 cents and then at 43.00 cents.First support is seen at Friday’s low of 42.15 cents and then at 42.00 cents.
42.25 — the contract high
41.43 — 10-day moving average
40.64 — 20-day moving average
40.05 — 40-day moving average
22.28 — the contract low
DECEMBER CORN
Chicago Board of Trade December corn prices Friday closed higher, near mid-rang and did hit a fresh five-week high and close at a bullish weekly high close. Bulls have regained upside technical momentum. Corn will continue to closely track the key “outside markets” crude oil and gold. The corn bulls’ next upside price objective is to push and close prices above solid resistance at the September high of $3.89 1/2. The next downside price objective for the bears is to close prices below solid support at last week’s low of $3.67. First resistance for December corn is seen at Friday’s high of $3.80 3/4 and then at $3.85. First support is seen at $3.75 and then at $3.71.
4.31 ——– the contract high
3.68 3/4 — 10-day moving average
3.61 1/2 — 20-day moving average
3.60 1/4 — 40-day moving average
2.48 ——– the contract low
DECEMBER CBOT WHEAT
CBOT December wheat prices Friday closed slightly higher and near mid-range in quiet trading. Prices did poke to a fresh two-month low. Near-term chart damage has been inflicted recently and the bears still have downside technical momentum. A steep four-week-old downtrend line is still in place on the daily bar chart. Also, a bearish head-and-shoulders top pattern has formed on the daily chart. Bulls’ next upside price objective is to push and close prices above major psychological resistance at $8.00 a bushel. The next downside price objective for the bears is pushing and closing prices below solid support at $7.60 a bushel. First resistance is seen at Friday’s high of $7.85 1/2 and then at $7.96. First support lies at Friday’s low of $7.74 and then at $7.60.
9.61 3/4 — the contract high
8.13 1/4 — 10-day moving average
8.29 3/4 — 20-day moving average
8.59 1/4 — 40-day moving average
3.86 ——– the contract low
DECEMBER KCBT WHEAT
December Kansas City wheat prices Friday closed higher and near mid-range in quiet trading. Prices did hit a fresh seven-week low. Near-term chart damage has been inflicted recently. A four-week-old downtrend is still in place on the daily bar chart. Bears still have downside technical momentum on their side. Bulls’ next upside price objective is pushing and prices above solid resistance at $8.40 a bushel. The bears’ next downside objective is closing prices below solid technical support at $7.75. First resistance is seen at Friday’s high of $8.12 and then at $8.15. First support is seen at Friday’s low of $8.00 and then at $7.90.
9.50 1/2 — the contract high
8.36 1/2 — 10-day moving average
8.45 1/4 — 20-day moving average
8.59 3/4 — 40-day moving average
4.16 ——– the contract low
