by Jim Wyckoff, Senior Analyst TraderPlanet.com
DECEMBER CORN
Wyckoff’s Market Rating: 4.0.
NOVEMBER SOYBEANS
Wyckoff’s Market Rating: 7.0.
Source: VantagePoint Intermarket Analysis Software
DECEMBER SOYBEAN MEAL
December soybean meal closed down $1.90 at $228.90 today. Prices closed near mid-range. Meal bulls have faded recently. A bearish pennant pattern has formed on the daily bar chart. The next upside price objective for the bulls is producing a close above solid chart resistance at $238.00. The next downside price objective for the bears is closing prices below solid support at last week’s low of $225.00. First resistance comes in at today’s high of $232.20 and then at $234.00. First support is seen at today’s low of $227.00 and then at $225.00.
Wyckoff’s Market Rating: 5.0.
DECEMBER BEAN OIL
December bean oil closed down 4 points at 36.35 cents today. Prices closed nearer the session high. No chart damage has occurred recently but bulls have faded. 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 this week’s high of 36.70 cents and then at 37.00 cents. First support is seen at today’s low of 35.89 cents and then at 35.75 cents.
Wyckoff’s Market Rating: 7.0.
DECEMBER CHICAGO SRW WHEAT
December Chicago SRW wheat closed down 5 1/2 cents at $6.28 1/2 today. Prices scored a fresh contract high today and then backed off on mild profit-taking pressure to close nearer the session low and score a mildly bearish “outside day” down on the daily bar chart. If there is strong follow-through selling pressure on Thursday, then a bearish “key reversal” down would be confirmed on the daily bar chart. That would be one very early clue that a market top is in place. But right now wheat bulls still have strong upside technical momentum and are looking for more on the upside in the near term. Bulls’ next upside price objective is to close prices above resistance at today’s contract high of $6.46 a bushel. The next downside price objective for the bears is closing prices below psychological support at $6.00 a bushel. First resistance is seen at $6.34 and then at $6.40. First support lies at today’s low of $6.21 and then at $6.10.
Wyckoff’s Market Rating: 8.5.
DECEMBER K.C. HRW WHEAT
December K.C. HRW wheat closed up 4 cents at $6.16 1/4 today. Prices closed nearer the session low. Bulls still have the solid 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 $5.90 a bushel. First resistance is seen at $6.22 and then at $6.31. First support is seen at today’s low of $6.09 and then at $6.05.
Wyckoff’s Market Rating: 8.0.
DECEMBER OATS
December oats closed down 7 1/2 cents at $2.66 today. Prices closed nearer the session low and hit a fresh four-week low today. Some near-term chart damage has occurred recently. Prices have seen a downside “breakout” from a rare and potentially bearish broadening pattern on the daily bar chart. The next upside price objective for the bulls is closing prices above solid technical resistance at $2.76. Bears’ next downside price objective is closing prices below solid technical support at $2.58. First resistance lies at $2.70 and then at $2.72. First support is seen at today’s low of $2.64 and then at $2.62.
Wyckoff’s Market Rating: 4.0.