by Jim Wyckoff, Senior Analyst TraderPlanet.com
JULY SUGAR
July sugar closed up 32 points at 13.33 cents yesterday. Prices closed nearer the session high and hit a fresh four-week high close yesterday. Bulls have gained fresh upside technical momentum recently and prices are in an uptrend from the March low. Stronger “outside market” crude oil also boosted sugar yesterday. Bulls’ next upside price objective is to push and close prices above solid technical resistance at 13.50 cents. Bears’ next downside price objective is to push and close prices below solid technical support at 12.75 cents. First resistance is seen at yesterday’s high of 13.37 cents and then at 13.50 cents. First support is seen at yesterday’s low of 13.09 cents and then at 13.00 cents.
Wyckoff’s Market Rating: 6.5
JULY COFFEE
July coffee closed up 250 points at 135.95 cents yesterday. Prices closed near mid-range. Short covering and bargain- hunting buying was featured yesterday amid the stronger key “outside market” crude oil. Coffee bears still have the near-term technical advantage. Prices are trapped in a trading range at lower price levels, bound by the March low of 128.40 and the April high of 140.45. Bulls’ next upside price objective is closing prices above solid technical resistance at 140.45 cents. The next downside price objective for the bears is closing prices below solid support at 132.50 cents a pound. First support is seen at 135.00 cents and then at yesterday’s low of 133.00 cents. First resistance is seen at yesterday’s high of 138.40 cents and then at 140.45 cents.
Wyckoff’s Market Rating: 4.0
JULY COCOA
July cocoa closed up $30 at $2,590 yesterday. Prices closed nearer the session high and hit a fresh four-week high, amid the stronger “outside market” crude oil yesterday. Bulls have the near-term technical advantage. The next upside price objective for the bulls is to push and close prices above technical resistance at $2,700. The next downside price objective for the bears is closing prices below solid support at $2,500. First resistance is seen at yesterday’s high of $2,601 and then at $2,640. First support is seen at yesterday’s low of $2,560 and then at this week’s low of $2,538.
Wyckoff’s Market Rating: 6.5
JULY COTTON
July cotton closed up 151 points at 79.04 cents yesterday. Prices closed near the session high and closed at a fresh four-week high close yesterday. Bulls have regained the near- term technical advantage recently. The next downside price objective for the bears is to produce a close below strong technical support at 75.00 cents. The next upside price objective for the bulls is to produce a close above solid chart resistance at 80.00 cents. First resistance is seen at yesterday’s high of 79.05 cents and then at 80.00 cents. First support is seen at 78.00 cents and then at yesterday’s low of 77.78 cents.
Wyckoff’s Market Rating: 6.5
JULY ORANGE JUICE
July orange juice closed up 410 points at $1.1800. Prices closed near the session high yesterday on short covering and bargain-hunting buying amid the big gains in key “outside market” crude oil yesterday. FCOJ bears still have the near- term technical advantage. A 14-week-old downtrend is in still place on the daily bar chart. The next upside technical objective for the FCOJ bulls is to produce a close above solid chart resistance at this week’s high of $1.2280. The next downside price objective for the OJ bears is pushing and closing prices below solid support at this week’s low of $1.1165. First resistance is seen at $1.2000 and then at $1.2100. First support is seen at $1.1650 and then at $1.1500.
Wyckoff’s Market Rating: 3.0
JULY LUMBER
July lumber futures closed down $5.00 at $243.20 yesterday. Prices again gapped lower on the daily bar chart and hit a fresh contract low yesterday. Bears are right back in strong technical control. The next upside technical objective for the lumber bulls is pushing and closing prices above solid resistance at $250.00. The next downside price objective for the bears is pushing and closing prices below solid support at yesterday’s contract low of $238.20. First resistance is seen at yesterday’s high of $247.00 and then at $250.00. First support is seen at $240.00 and then at yesterday’s contract low of $238.20.
Wyckoff’s Market Rating: 1.0
