by Jim Wyckoff, Senior Analyst TraderPlanet.com
JULY SUGAR
July sugar closed up 33 points at 12.92 cents yesterday. Prices closed near the session high yesterday on short covering from big losses Monday and on bullish “outside markets”–higher gold and crude oil prices and a weaker U.S. dollar. Bears’ next downside price objective is to push and close prices below solid technical support at yesterday’s low of 12.50 cents. Bulls’ next upside price objective is to push and close prices above solid technical resistance at last week’s high of 13.59 cents. First resistance is seen at 13.00 cents and then at this week’s high of 13.24 cents. First support is seen at 12.75 cents and then at 12.50 cents.
Wyckoff’s Market Rating: 5.5
JULY COFFEE
July coffee closed up 320 points at 136.80 cents yesterday. Prices closed near the session high yesterday on short covering and amid bullish “outside markets”–higher crude oil and gold and a weaker U.S. dollar yesterday. Trading that has turned choppy. Bulls and bears are on a level near-term technical playing field. Bulls’ next upside price objective is closing prices above solid technical resistance at last week’s high of 142.85 cents. The next downside price objective for the bears is closing prices below solid support at this week’s low of 132.90 cents a pound. First support is seen at 135.00 cents and then at yesterday’s low of133.55 cents. First resistance is seen at yesterday’s high of 137.85 cents and then at 140.00 cents.
Wyckoff’s Market Rating: 5.0
JULY COCOA
July cocoa closed up $84 at $2,754 yesterday. Prices closed near the session high and hit a fresh four-week high yesterday. Bullish “outside markets” boosted cocoa yesterday. The bulls still have the solid near-term technical advantage and gained more power yesterday. A three-week-old uptrend is in place on the daily bar chart. The next upside price objective for the bulls is to push and close prices above technical resistance at $2,859. The next downside price objective for the bears is closing prices below solid support at $2,600. First resistance is seen at yesterday’s high of $2,761 and then at $2,800. First support is seen at $2,700 and then at yesterday’s low of $2,675.
Wyckoff’s Market Rating: 7.5
JULY COTTON
July cotton closed up 120 points at 74.55 cents yesterday. Prices closed nearer the session high on short covering in a bear market and on bullish “outside markets” yesterday. Bears are still in technical control of cotton. The next downside price objective for the bears is to produce a close below strong technical support at this week’s low of 73.00 cents. The next upside price objective for the bulls is to produce a close above solid chart resistance at 77.00 cents. First resistance is seen at yesterday’s high of 75.07 cents and then at 76.00 cents. First support is seen at 74.00 cents and then at yesterday’s low of 73.35 cents.
Wyckoff’s Market Rating: 4.0
JULY ORANGE JUICE
July orange juice closed up 165 points at $1.1535. Prices closed nearer the session high yesterday on short covering. Prices have been in a choppy trading range at lower price levels for five weeks. The next upside technical objective for the FCOJ bulls is to produce a close above solid chart resistance at the April high of $1.2280. The next downside price objective for the OJ bears is pushing and closing prices below solid support at the March low of $1.0950. First resistance is seen at $1.1650 and then at $1.1850. First support is seen at this week’s low of $1.1300 and then at last week’s low of $1.1650.
Wyckoff’s Market Rating: 3.0
JULY LUMBER
July lumber futures closed down $6.50 at $236.50 yesterday. Prices gapped lower on the daily bar chart, hit a fresh contract low and closed near the session low yesterday. Bears are still in firm technical control and gained more power yesterday. The next upside technical objective for the lumber bulls is pushing prices above solid resistance at $242.30, which would fill on the upside yesterday’s downside price gap. The next downside price objective for the bears is pushing and closing prices below solid support at $230.00. First resistance is seen at yesterday’s high of $241.40 and then at $242.30. First support is seen at yesterday’s contract low of $236.10 and then at $235.00.
Wyckoff’s Market Rating: 1.0
