SOFTS: March sugar closed down 9 points at 15.64 cents today. Prices closed nearer the session high today and saw more of a corrective pullback from the recent rally. Sugar bears have the overall near-term technical advantage. However, price action recently begins to suggest a market bottom being in place, or close to it. Bulls’ next upside price breakout objective is to push and close prices above solid technical resistance at 17.00 cents. Bears’ next downside price breakout objective is to push and close prices below solid technical support at the contract low of 14.70 cents. First resistance is seen at Friday’s high of 15.88 cents and then at 16.00 cents. First support is seen at today’s low of 15.38 cents and then at 15.25 cents. Wyckoff’s Market Rating: 2.0
March coffee closed up 50 points at 136.20 cents today. Prices closed nearer the session high. Prices last week hit an 8.5-month high. The coffee bulls have the solid near-term technical advantage. The recent pause is not bearish.Prices are in a three-month-old uptrend on the daily bar chart. The next upside breakout objective for the bulls is to close prices above solid technical resistance at 150.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 130.00 cents a pound. First resistance is seen at today’s high of 138.20 cents and then at 140.00 cents. First support is seen at today’s low of 132.90 cents and then at 132.00 cents. Wyckoff’s Market Rating: 7.0
March cocoa closed down $18 at $2,904 a ton today. Prices closed nearer the session low on profit taking today. Cocoa bulls still have the solid near-term technical advantage. Prices hit a contract high on Friday. The next upside price breakout objective for the cocoa bulls is to push and close prices above solid technical resistance at $3,000. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at $2,800. First resistance is seen at today’s high of $2,927 and then at the contract high of $2,937. First support is seen at today’s low of $2,898 and then at $2,885. Wyckoff’s Market Rating: 7.5
March cotton closed down 10 points at 87.37 cents today. Prices closed nearer the session low after hitting a fresh six-month high early on today. Cotton bulls have the overall near-term technical advantage. Prices are in a 10-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 the contract high of 90.61 cents. The next downside price breakout objective for the cotton bears is to push and close prices below solid technical support at 85.00 cents. First resistance is seen at 88.00 cents and then at today’s high of 88.84 cents. First support is seen at 87.00 cents and then at 86.50 cents. Wyckoff’s Market Rating: 7.0
March orange juice closed down 25 points at $1.4700 today. Prices closed nearer the session high and hit a four-week high today. The bulls have the solid near-term technical advantage. The next upside price breakout objective for the FCOJ bulls is pushing and closing prices above technical resistance at the January high of $1.5550. The next downside technical breakout objective for the FCOJ bears is to produce a close below solid technical support at $1.3725. First resistance is seen at today’s high of $1.4885 and then at $1.5000. First support is seen at $1.4500 and then at $1.4400. Wyckoff’s Market Rating: 7.5
March lumber futures closed up $3.70 at $357.90 today. Short covering was featured. Bears still 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 the December low of $347.80. The next upside price breakout objective for the bulls is pushing and closing prices above solid technical resistance at $368.00. First resistance is seen at $360.00 and then at $362.00. First support is seen at $355.00 and then at $353.00. Wyckoff’s Market Rating: 4.0
