SOFTS: October sugar closed down 21 points at 16.58 cents yesterday. Prices closed nearer the session low yesterday. Bulls are fading again after showing some strength last week. The sugar bears have the overall near-term technical advantage. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at the July high of 17.08 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at 16.09 cents. First resistance is seen at yesterday’s high of 16.83 cents and then at 16.90 cents. First support is seen at yesterday’s low of 16.51 cents and then at 16.48 cents. Wyckoff’s Market Rating: 2.5.
September coffee closed up 135 points at 119.60 cents yesterday. Prices closed near mid-range yesterday on short covering in a bear market. Prices last week hit a contract low. 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 126.00 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 yesterday’s high of 121.20 cents and then at 122.50 cents. First support is seen at yesterday’s low of 117.90 cents and then at the contract low of 115.35 cents. Wyckoff’s Market Rating: 1.5
September cocoa closed up $71 at $2,362 a ton yesterday. Prices closed nearer the session high and hit a fresh nearly three-month high yesterday. The cocoa bulls yesterday quickly gained fresh upside technical power and have the overall near-term technical advantage. A five-week-old uptrend on the daily bar chart was re-established yesterday. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at the May high of $2,443. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at last week’s low of $2,263. First resistance is seen at yesterday’s high of $2,391 and then at $2,400. First support is seen at $2,350 and then at $2,335. Wyckoff’s Market Rating: 6.5
December cotton closed up 22 points at 85.20 cents yesterday. Prices closed nearer the session low yesterday. Cotton bulls and bears are still on a level near-term technical playing field amid continued choppy trading. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at the July high of 87.11 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at 83.58 cents. First resistance is seen at 85.50 cents and then at yesterday’s high of 85.89 cents. First support is seen at yesterday’s low of 84.91 cents and then at last week’s low of 84.34 cents. Wyckoff’s Market Rating: 5.0.
September orange juice closed up 50 points at $1.4270 yesterday. Prices closed near mid-range yesterday. Bulls still have the near-term technical advantage. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at the July high of $1.4795. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.3800. First resistance is seen at yesterday’s high of $1.4395 and then at $1.4500. First support is seen at yesterday’s low of $1.4205 and then at last week’s low of $1.4050. Wyckoff’s Market Rating: 6.0.
September lumber futures closed down $7.00 at $300.40 yesterday. Prices hit a fresh four-week low yesterday. Bears have gained the solid near-term technical advantage amid the recent steep price decline. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at the contract low of $282.50, scored in May. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $315.00. First resistance is seen at $303.90 and then at $305.00. First support is seen at $295.00 and then at $290.00. Wyckoff’s Market Rating: 2.5
