by Jim Wyckoff, Senior Analyst TraderPlanet.com

MARCH SUGAR

March sugar closed down 13 points at 10.63 cents today. Prices closed nearer the session low on profit- taking pressure from recent strong gains. No chart damage occurred today. Bulls still have solid upside technical momentum on their side. Bulls’ next upside price objective is to push and close prices above solid technical resistance at this week’s high of 10.79 cents. Bears’ next downside price objective is to push and close prices below solid technical support at 10.50 cents. First resistance is seen at 10.70 cents and then at 10.79 cents. First support is seen at today’s low of 10.59 cents and then at 10.50 cents.

Wyckoff’s Market Rating: 7.0.

MARCH COFFEE

March coffee closed up 50 points at 133.95 cents today. Prices closed nearer the session low today on more profit- taking pressure from recent gains. No chart damage has occurred this week. Bulls still have upside near-term technical momentum. A six-week-old uptrend is still in place on the daily bar chart. Bulls’ next upside price objective is closing prices above solid technical resistance at this week’s high of 135.50 cents. The next downside price objective for the bears is closing prices below solid support at 130.00 cents a pound. First support is seen at 132.90 cents and then at 130.00 cents. First resistance is seen at 135.00 cents and then at 135.50 cents.

Wyckoff’s Market Rating: 6.5.

MARCH COCOA

March cocoa closed up $26 at $2,112 today. Prices closed near mid-range but did hit a fresh five-month high today. Bulls still have the solid near-term technical advantage and gained more power today. Prices are in a choppy two- month-old uptrend on the daily bar chart. The next upside price objective for the bulls is to push and close prices above solid technical resistance at the contract high of $2,174. The next downside price objective for the bears is closing prices below solid support at this week’s low of $2,055. First resistance is seen at today’s high of $2,134 and then at $2,150. First support is seen at $2,100 and then at today’s low of $2,086.

Wyckoff’s Market Rating: 8.0.

MARCH COTTON

March cotton closed up 14 points at 65.79 cents today. Prices closed nearer the session high. Bulls still have the slight near-term technical advantage and their next upside price objective is producing a close above solid resistance at this week’s high of 66.10 cents. The next downside price objective for the bears is to produce a close below strong technical support at 64.50 cents. First resistance is seen at 66.10 cents and then at 66.50 cents. First support is seen at this week’s low of 65.25 cents and then at 65.00.

Wyckoff’s Market Rating: 5.5.

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MARCH ORANGE JUICE

March orange juice closed down 40 points at $1.4650 today. Prices closed near the session high today. A four-week-old uptrend is still in place on the daily bar chart. The bulls still have the near-term technical advantage. The next upside technical objective for the bulls is to produce a close above solid chart resistance at last week’s high of $1.4930. The next downside price objective for the OJ bears is pushing and closing prices below solid support at $1.4000. First resistance is seen at this week’s high of $1.4740 and then at $1.4930. First support is seen at $1.4500 and then at today’s low of $1.4380.

Wyckoff’s Market Rating: 7.0.

JANUARY LUMBER FUTURES

January lumber futures closed down $1.10 at $244.40 today. Prices closed near mid-range. The bears still have the solid overall near-term technical advantage. The next upside technical objective for the lumber bulls is pushing prices above strong resistance at last week’s high of $252.00. The next downside price objective for the bears is pushing and closing prices below solid support at the contract low of $241.80. First resistance is seen at $248.00 and then at $250.00. First support is seen at today’s low of $243.20 and then at $241.80.

Wyckoff’s Market Rating: 1.0.