March sugar closed down 33 points at 18.23 cents yesterday. Prices closed nearer the session low again yesterday and hit a fresh two-week low. The sugar bears have the solid overall near-term technical advantage. Prices are hovering near a 25-month low. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at 19.19 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at the January low of 18.06 cents. First resistance is seen at yesterday’s high of 18.61 cents and then
at 18.80 cents. First support is seen at yesterday’s low of 18.17 cents and then at 18.06 cents. Wyckoff’s Market Rating: 1.0.
March coffee closed down 180 points at 142.25 cents yesterday. Prices closed nearer the session low yesterday and hit a fresh five-week 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 last week’s high of 150.80 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the contract low of 141.25 cents a pound. First resistance is seen at 145.00 cents and then at 147.50 cents. First support is seen at yesterday’s low of 141.80 cents and then at 1412.25 cents. Wyckoff’s Market Rating: 1.0.
March cocoa closed down $25 at $2,221 a ton. Prices closed nearer the session low yesterday. The cocoa bears have the overall near-term technical advantage. Prices are in a nine-week-old downtrend on the daily bar chart. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at the January high of $2,313. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the January low of $2,155. First resistance is seen at yesterday’s high of $2,252 and then at $2,280. First support is seen at yesterday’s low of $2,209 and then at $2,200. Wyckoff’s Market Rating: 3.0
March cotton closed down 21 points at 81.72 cents yesterday. Prices closed nearer the session high yesterday. The cotton bulls still have the overall near-term technical advantage. Traders are awaiting Friday’s USDA supply and demand report. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at the January high of 84.00 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at 77.00 cents. First resistance is seen at 82.00 cents and then at this week’s high of 82.90 cents. First support is seen at this week’s low of 80.79 cents and then at 80.00 cents. Wyckoff’s Market Rating: 7.0.
March orange juice closed down 140 points at $1.2045 yesterday. Prices closed nearer the session low yesterday. FCOJ bulls have the slight near-term technical advantage. Traders are awaiting Friday morning’s USDA monthly supply and demand report. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at $1.2500. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.1250. First resistance is seen at $1.2200 and then at this week’s high of $1.2395. First support is seen at yesterday’s low of $1.1955 and then at $1.1800. Wyckoff’s Market Rating: 5.5.
March lumber futures again closed up the $10.00 limit at $389.00 yesterday. Bulls have quickly regained solid upside near-term technical momentum to suggest that new for-the-move highs are in the offing. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $370.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at the December contract high of $397.00. First resistance is seen at $390.00 and then at $395.00. First support is seen at $385.00 and then at $380.00. Wyckoff’s Market Rating: 8.0
