by Jim Wyckoff, Senior Analyst TraderPlanet.com
OCTOBER SUGAR
Wyckoff’s Market Rating: 3.0.
SEPTEMBER COFFEE
Wyckoff’s Market Rating: 6.0.
Source: VantagePoint Intermarket Analysis Software
September cocoa closed down $11 at $1,852 today. Prices closed nearer the session low. Serious near-term chart damage has been inflicted recently. Bears still have downside technical momentum. The next upside price objective for the bulls is pushing prices above solid chart resistance at $1,900. The next downside price objective for the bears is closing prices below solid support at last week’s low of $1,802. First resistance is seen at today’s high of $1,875 and then at $1,890. First support is seen at today’s low of $1,845 and then at this week’s low of $1,822.
Wyckoff’s Market Rating: 3.5.
DECEMBER COTTON
December cotton closed down 71 points at 60.50 cents today. Prices closed nearer the session low today and hit a fresh two-month low. Chart damage has been inflicted recently to suggest that a near-term market top is in place. A four-week-old downtrend is in place on the daily bar chart. The next downside price objective for the bears is to produce a close below strong technical support at 60.00 cents. Bulls’ next upside objective is producing a close above solid resistance at 62.50 cents. First resistance is seen at 61.00 cents and then at today’s high of 61.62 cents. First support is seen at today’s low of 60.15 cents and then at 60.00.
Wyckoff’s Market Rating: 5.0.
SEPTEMBER ORANGE JUICE
September orange juice closed up 165 points at $1.3145 today. Prices closed near mid-range. Short covering was featured today. Traders are keeping an eye on a developing storm in the Atlantic ocean. Bears still have some downside technical momentum on their side. The next upside technical objective for the bulls is to produce a close above solid chart resistance at $1.3500. The next downside price objective for the OJ bears is pushing and closing prices below solid support at last week’s low of $1.2900. First resistance is seen at today’s high of $1.3350 and then at $1.3500. First support is seen at $1.2900 and then at $1.2700.
Wyckoff’s Market Rating: 3.5.
SEPTEMBER LUMBER
September lumber futures closed up $3.90 at $285.80 today. Prices closed near the session high and hit a fresh three-week high today. Short covering was featured again today. Bulls and bears are on a level near-term technical playing field. The next upside technical objective for the lumber bulls is closing prices above strong resistance at $292.50. The next downside price objective for the bears is pushing and closing prices below solid support at $277.50. First resistance is seen at today’s high of $286.50 and then at $290.00. First support is seen at today’s low of $281.00 and then at $280.00.
Wyckoff’s Market Rating: 5.0.
