SOFTS: October sugar closed up 18 points at 16.56 cents Thursday. Prices closed nearer the session high Thursday on short covering in a bear market. The sugar bears still have the overall near-term technical advantage. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at 16.90 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at the August low of 16.26 cents. First resistance is seen at Thursday’s high of 16.57 cents and then at last week’s high of 16.67 cents. First support is seen at Thursday’s low of 16.36 cents and then at the August low of 16.26 cents. Wyckoff’s Market Rating: 3.0.
December coffee closed up 25 points at 117.10 cents Thursday. Prices closed nearer the session high Thursday and did hit another fresh contract low early on. The coffee bears have the solid overall near-term technical advantage. The next upside breakout objective for the bulls is to close prices above solid technical resistance at 122.50 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 110.00 cents a pound. First resistance is seen at this week’s high of 119.25 cents and then at 120.00 cents. First support is seen at the contract low of 115.25 cents and then at 114.00 cents. Wyckoff’s Market Rating: 1.0
December cocoa closed up $65 at $2,561 a ton Thursday. Prices closed nearer the session high and hit a fresh 11-month high Thursday. The cocoa bulls have the solid overall near-term technical advantage and gained more upside momentum Thursday. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at the contract high of $2,725. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $2,406. First resistance is seen at Thursday’s high of $2,575 and then at $2,600. First support is seen at $2,547 and then at $2,525. Wyckoff’s Market Rating: 7.5
December cotton closed down 30 points at 82.45 cents Thursday. Prices closed near mid-range Thursday and hit a fresh three-month low. Serious near-term technical damage has been inflicted recently. Cotton bears have the solid overall near-term technical advantage. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at 85.54 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at the June low of 81.72 cents. First resistance is seen at Thursday’s high of 82.95 cents and then at 83.35 cents. First support is seen at Thursday’s low of 82.11 cents and then at 81.72 cents. Wyckoff’s Market Rating: 2.0.
November orange juice closed down 50 points at $1.3270 Thursday. Prices closed nearer the session low Thursday. The bears have the slight near-term technical advantage. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at $1.4040. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at the August low of $1.2855. First resistance is seen at $1.3460 and then at $1.3600. First support is seen at $1.3200 and then at this week’s low of $1.3100. Wyckoff’s Market Rating: 4.5.
November lumber futures closed down $4.60 at $330.50 Thursday. Prices backed off on profit taking after hitting a six-week high Wednesday. Bulls have the near-term technical advantage. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $317.50. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at the July high of $336.90. First resistance is seen at $336.90 and then at $340.00. First support is seen at $327.50 and then at $325.00. Wyckoff’s Market Rating: 6.0
