March sugar closed down 10 points at 18.52 cents yesterday. Prices closed near mid-range yesterday and hit a fresh four-week low. Sugar bears have the solid overall near-term technical advantage. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at the January high of 19.75 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at the December low of 18.31 cents. First resistance is seen at yesterday’s high of 18.74 cents and then at 18.90 cents. First support is seen at 18.31 cents and then at 18.25 cents. Wyckoff’s Market Rating: 1.5.
March coffee closed up 10 points at 152.60 cents yesterday. Prices closed near mid-range yesterday. The coffee bears have the overall near-term technical advantage. However, a bullish “rounding-bottom” reversal pattern may be forming
on the daily bar chart. The next upside breakout objective for the bulls is to close prices above solid technical resistance at 157.50 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the contract low of 141.24 cents a pound. First resistance is seen at yesterday’s high of 154.75 cents and then at this week’s high of 156.50 cents. First support is seen at yesterday’s low of 150.80 cents and then at 150.00 cents. Wyckoff’s Market Rating: 3.0.
March cocoa closed down $22 at $2,248 a ton. Prices closed nearer the session low yesterday. The cocoa bears have the near-term technical advantage. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at $2,325. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $2,115. First resistance is seen at yesterday’s high of $2,268 and then at $2,285. First support is seen at this week’s low of $2,230 and then at the January low of $2,206 and then at $2,200. Wyckoff’s Market Rating: 3.0
March cotton closed up 92 points at 77.13 cents yesterday. Prices closed near mid-range and hit a fresh five-month high yesterday. The cotton bulls have the overall near-term technical advantage and gained fresh upside momentum yesterday. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at the August high of 78.02 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at the January low of 73.72 cents. First resistance is seen at 78.02 cents and then at 78.50 cents. First support is seen at yesterday’s low of 76.10 cents and then at 75.55 cents. Wyckoff’s Market Rating: 6.5.
March orange juice closed up 185 points at $1.1215 yesterday. Prices closed near mid-range yesterday. Short covering was featured. FCOJ bears have the solid near-term technical advantage. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at $1.1800. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at the October low of $1.0675.
First resistance is seen at yesterday’s high of 1.1390 and then at this week’s high of $1.1520. First support is seen at
the January low of $1.0910 and then at $1.0800. Wyckoff’s Market Rating: 2.5.
March lumber futures closed down $1.50 at $375.40 yesterday. More profit taking was featured and no chart damage has occurred. The lumber bulls still have the overall near-term technical advantage. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at the January low of
$371.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at the contract high of $397.00. First resistance is seen at yesterday’s high of $380.90 and then at $385.00. First support is seen at yesterday’s low of $375.00 and then at $372.50. Wyckoff’s Market Rating: 7.0
