by Jim Wyckoff, Senior Analyst TraderPlanet.com
DECEMBER CORN
Wyckoff’s Market Rating: 7.0.
NOVEMBER SOYBEAN
Wyckoff’s Market Rating: 7.5.
Source: VantagePoint Intermarket Analysis Software
DECEMBER SOYBEAN MEAL
December soybean meal closed down $7.30 at $239.30 today. Prices closed nearer the session low on profit-taking pressure. No chart damage occurred but the bulls do not want to see strong follow-through selling on Wednesday. Meal bulls still have the near-term technical advantage. The next upside price objective for the bulls is producing a close above solid chart resistance at this week’s high of $248.00. The next downside price objective for the bears is closing prices below solid support at $230.00. First resistance comes in at $240.00 and then at $242.50. First support is seen at today’s low of $238.00 and then at $235.00.
Wyckoff’s Market Rating: 7.0.
DECEMBER BEAN OIL
December bean oil closed down 73 points at 36.74 cents today. Prices closed nearer the session low. No chart damage occurred today. But more losses in the near term would raise the specter of a bearish double-top reversal pattern forming on the daily bar chart. Bean oil bulls still have the near-term technical advantage. The next upside price objective for the bulls is pushing prices above solid technical resistance at the contract high of 37.65 cents. Bears’ next downside price objective is pushing and closing prices below solid support at the June low of 35.75 cents. First resistance is seen at 37.00 cents and then at 37.25 cents. First support is seen at today’s low of 36.55 cents and then at 36.00 cents.
Wyckoff’s Market Rating: 7.5.
DECEMBER CHICAGO SRW WHEAT
December Chicago SRW wheat closed down 21 1/4 cents at $6.01 1/2 today. Prices backed off on profit-taking pressure today following recent strong gains, and no chart damage occurred. Wheat harvest is under way in the southern U.S. Plains and that’s a bearish seasonal factor. Wheat bulls still have upside technical momentum. Bulls’ next upside price objective is to close prices above resistance at the contract high of $6.26 a bushel. The next downside price objective for the bears is closing prices below solid support at $5.80 a bushel. First resistance is seen at $6.10 and then at today’s high of $6.18 1/2. First support lies at today’s low of $5.99 and then at $5.87.
Wyckoff’s Market Rating: 8.0.
DECEMBER K.C. HRW WHEAT
December K.C. HRW wheat closed down 17 3/4 cents at $5.92 today. Prices closed near the session low on profit-taking pressure from recent strong gains. Bulls still have the technical advantage. Bulls’ next upside price objective is closing prices above solid resistance at the contract high of $6.31 a bushel. The bears’ next downside objective is closing prices below solid support at $5.75 a bushel. First resistance is seen at $6.00 and then at today’s high of $6.08 1/2. First support is seen at today’s low of $5.91 and then at $5.85.
Wyckoff’s Market Rating: 8.0.
DECEMBER OATS
December oats closed down 16 1/4 cents at $2.77 3/4 today. Prices gapped sharply lower on the daily bar chart, hit a fresh 2.5-week low and closed near the session low. Some near-term chart damage occurred today and bulls need to recover soon. The next upside price objective for the bulls is closing prices above solid technical resistance at $2.88 1/2, which would fill on the upside today’s downside price gap on the daily bar chart. Bears’ next downside price objective is closing prices below solid technical support at $2.70. First resistance lies at $2.80 and then at $2.82. First support is seen at today’s low of $2.76 1/2 and then at $2.74.
Wyckoff’s Market Rating: 7.0.