March sugar closed up 8 points at 19.52 cents yesterday. Prices closed near mid-range yesterday on short covering in a bear market. Sugar bears still have the solid overall near-term technical advantage. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at the November high of 20.03 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at the November low of 18.66 cents. First resistance is seen at yesterday’s high of 19.67 cents and then at this week’s high of 19.94 cents and then at 20.03 cents. First support is seen at yesterday’s low of 19.28 cents and then at last week’s low of 19.04 cents. Wyckoff’s Market Rating: 2.0.
March coffee closed up 75 points at 149.10 cents. Prices closed nearer the session high yesterday and did hit a fresh contract low early on. Short covering in a bear market was featured yesterday. The coffee bears still have the solid overall near-term technical advantage. Prices are in a two-month-old downtrend on the daily bar chart. The next upside breakout objective for the bulls is to close prices above solid technical resistance at 160.00 cents. The next downside price breakout objective for the bears is closing
prices below solid technical support at 145.00 cents a pound. First resistance is seen at 150.00 cents and then at this week’s high of 153.15 cents. First support is seen at yesterday’s contract low of 146.35 cents and then at 145.00 cents. Wyckoff’s Market Rating: 1.0.
March cocoa closed down $19 at $2,425 a ton. Prices closed nearer the session low yesterday and hit a fresh two-week low on some more profit taking from recent gains. Prices Monday hit a nine-week high. The cocoa bulls and bears are now back on a level near-term technical playing field. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at
this week’s high of $2,466. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at the November low of $2,322. First resistance is seen at yesterday’s high of $2,466 and then at $2,500. First support is seen at yesterday’s low of $2,415 and then at $2,400. Wyckoff’s Market Rating: 5.0
March cotton closed up 31 points at 73.22 cents yesterday. Prices closed near the session high yesterday on some short covering and bargain hunting. Cotton bulls and bears are on a level near-term technical playing field. However, prices are in a four-week-old uptrend on the daily bar chart. The next upside price breakout objective for the bulls is to produce a close above solid technical resistance at 75.00 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at 71.28 cents. First resistance is seen at 73.50 cents and then at 74.00 cents. First support is seen at yesterday’s low of 72.43 cents and then at 72.00 cents. Wyckoff’s Market Rating: 5.0.
January orange juice closed up 145 points at $1.2505 yesterday. Prices closed nearer the session high yesterday. FCOJ bulls have the overall near-term technical advantage. A bullish pennant pattern has formed on the daily bar chart. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at the September high of $1.3010. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.1700. First resistance is seen at this week’s high of $1.2710 and then at the November high of $1.2950. First support is seen at yesterday’s low of $1.2230 and then at last week’s low of $1.2050. Wyckoff’s Market Rating: 6.0.
January lumber futures closed up $0.40 at $335.60 yesterday. Prices closed nearer the session low. The lumber bulls have the solid overall near-term technical advantage. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at $325.00. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $350.00. First resistance is seen at yesterday’s high of $338.10 and then at $340.00. First support is seen at this week’s low of $332.70 and then at $330.00. Wyckoff’s Market Rating: 8.0
